ECOWAS Bank for Investment and Development

From Wikipedia, the free encyclopedia

ECOWAS Bank for Investment and Development, also known as EBID, is the financial arm of the Economic Community of West African States. It was established on May 28, 1975 to fund development projects and programmes to support socio-economic development within member states.[1][2]

The EBID is responsible for financing development projects and programs in the areas of infrastructure, transport, energy, telecommunications, agriculture and rural development, social sector, industry, financial services, financial engineering, and hotels/tourism.[3]

Structure[]

The EBID is led by the office of the president for a tenure of 4 years. The appointment is made by the unanimous decision of the Board of Governors. The Board of Governors of the ECOWAS Bank for Investment and Development, comprising the 15 Ministers of Finance from the member states.[1]

The member states the bank serves is the same as Economic Community of West African States It comprises Benin, Burkina Faso, Capo Verde, Côte d'Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.[2]

Responsibilities[]

  • Disburse loans to member states[4]
  • Funding of infrastructure and development projects across member nations[5][6][7]
  • Gives loans to private institutions in member states[8]
  • Received money paid to ECOWAS[9]

Partnerships[]

The EBID partnered with Deutsche Gesellschaft für Internationale Zusammenarbeit[10] and International Fertilizer Development Center[11] in 2019 and 2020 respectively to achieve common goals.

Notable private investments[]

ECOWAS Bank for Investment and Development is the founding shareholder in Ecobank Transnational Inc.[12][13] and ASKY Airlines.[14][15]

References[]

  1. ^ a b "ECOWAS Bank for Investment and Development renews president's tenure -". The Eagle Online. 2015-08-12. Retrieved 2021-10-22.
  2. ^ a b "ECOWAS Bank for Investment and Development, EBID". socialprotection.org. Retrieved 2021-10-22.
  3. ^ Gadzekpo, Gilbert (2021-03-02). "UGBS Hosts A Delegation From ECOWAS Bank For Investment And Development". University of Ghana Business School. Retrieved 2021-10-22.
  4. ^ "ECOWAS financial arm to provide USD 21m for solar projects in Benin". Renewablesnow.com. Retrieved 2021-10-22.
  5. ^ "ECOWAS bank signs Niger loan despite suspension". Reuters. 2009-10-28. Retrieved 2021-10-22.
  6. ^ "ECOWAS Bank Approves €62m For Investment, Development". Independent Newspaper Nigeria. Retrieved 2021-10-22.
  7. ^ "Vice President Osinbajo commends ECOWAS bank for infrastructure". Retrieved 2021-10-22.
  8. ^ Bhadare, Sandy. "ALB - African Law and Business". ALB Legal and Business Issues from Africa. Retrieved 2021-10-22.
  9. ^ OZO, SUZAN (2021-02-06). "ECOWAS Court orders $6.45m payment from Cross River government". Voice of Nigeria. Retrieved 2021-10-22.
  10. ^ giz. "Supporting the ECOWAS Commission on Organisational Development". www.giz.de. Retrieved 2021-10-22.
  11. ^ "IFDC and ECOWAS Bank for Investment and Development (EBID) Collaborate to Improve Soil Health in West Africa". IFDC. 2020-12-09. Retrieved 2021-10-22.
  12. ^ AfricaNews. "CORRECTION: Ecobank Transnational Incorporated announces New Appointments and Changes on its Board". Africanews. Retrieved 2021-10-22.{{cite web}}: CS1 maint: url-status (link)
  13. ^ "Nigeria Will Keep Faith With ECOWAS Bank – President Buhari". Channels Television. Retrieved 2021-10-22.
  14. ^ "Asky Airlines Boost Technology To Enhance Delivery Services". Modern Ghana. Retrieved 2021-10-22.
  15. ^ "ASKY partners with Sabre, supporting growth across Africa through next-generation technologies". Sabre. Retrieved 2021-10-22.
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