ECOWAS Bank for Investment and Development supports Côte d’Ivoire with $464m
The ECOWAS Bank for Investment and Development (EBID) has increased its commitments to the economy of the Republic of Côte D’Ivoire amounting to a total of FCFA 298.7 billion (the equivalent of about $464 million) to finance projects in various areas including infrastructure, healthcare, industry, and agriculture.
Dr George Agyekum Donkor, the President and Chairman of the Board of Directors of EBID, disclosed this in a release copied to the Ghana News Agency at a signing ceremony held at the headquarters of the Bank in Lomé, the Republic of Togo.
The Bank committed an amount of FCFA 4.7bn for the partial financing of the construction of a Coltan processing plant by BRI Coltan at Issia, Republic of Cote d’Ivoire.
The ceremony was attended by the Managing Director of BRI Coltan SA, Mr Youval COHEN.
The President of EBID said that such projects were in line with the Government of Cote d’Ivoire’s efforts to improve the quality of exports by adding value and deriving higher returns.
Mr Cohen expressed appreciation to EBID for its willingness to assist BRI COLTAN in this venture and stated that the project was part of a larger aim of positioning Cote d’Ivoire as a key player in the international minerals market.
The President of EBID affirmed the Bank’s commitment to promoting industrialisation and innovation in line with its 2021-2025 strategic plan while calling for continued support for private sector initiatives to alleviate poverty in the sub-region.
EBID is a leading regional investment and development bank, owned by the 15 ECOWAS Member States, namely, Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.
Based in Lomé, Togolese Republic, the Bank is committed to financing developmental projects and programs covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and social services sectors, through its private and public sector windows.
EBID intervenes through a long, medium, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations and related services.