EBID holds 61st meeting of Board of Directors

ECOWAS

The 61st meeting of the Board of Directors of the ECOWAS Bank for Investment and Development was held on March 5, 2019 at the headquarters of the Bank in Lome.

The Board approved partial financing for one project, specifically a public sector road construction project in the amount of $50 million, namely the Sasstown-Klowein-Road construction project, in the Republic of Liberia, which among other crucial components comprises civil works for 50km approximately.

Fielding questions from journalists after the meeting, the President of EBID, Bashir Mamman Ifo, said in addition to the approval for the financing of the project, the 61st Board Directors meeting, which was the first in 2019, approved the 2018 Activity report and 2018 Accounts that were both recommended for the approval of the Board of Governors.

With regard to resource mobilization, Ifo pointed out that it was a continuous process through which the Bank raises funds from financial markets within the region from Europe and from Asia to finance projects.

He further said with regard to the region, the Bank intended to raise FCFA25 billion from the UEMOA capital market this quarter.

He said the Bank was authorized to issue a Eurobond in the international capital market.

Ifo also reminded journalists that EBID also raises funds on a bilateral basis from Asia, especially from EXIM Bank India, while discussions are ongoing with China Development Bank.