ECOWAS Bank grants $57 million loan to five countries

Accra, Dec. 20, GNA - The ECOWAS Bank for Investment and Development (EBID), at its 27th board meeting in Accra at the weekend, granted a total of $57 million loan to five member countries including Ghana. The beneficiary countries are Ghana, 13 million dollars, Togo, nine million dollars, Benin, two million dollars, Cote d'Voire, 31 million dollars and Burkina-Faso, two million dollars.

Out of Ghana's $13 million, six million dollars went for the development of an Accra based Kempiski Hotel and the rest for the construction of Bekwai Government Hospital in the Ashanti Region. The board also adopted the 2010 Budget, the reports of its standing committees and its 2009 report which was examined and adopted. Mr Bashir Ifo, Vice President of the Bank, responsible for Finance and Corporate Services, said the deliberations of the board centered around the approval of the financing of eight projects amounting to a total of $58.51. This amount, according to him, was shared among the private and the public sector respectively by 31 per cent and 69 per cent. The projects approved included the equity participation of the African Agriculture Fund (AAF) which stood at five million dollars. Mr Ifo said the AAF was significant in addressing the problems associated with the food sector which was a priority to the Bank. He said the Bank aimed at assisting with development projects and investments of member states by improving the management of institutions and intensifying resource mobilization initiatives for project financing. Mr Ifo said as at September 30, 2009, the total commitment of the Bank for member states amounted to $702.69 million as against $584.45 as at December 2008.

"The commitment of the Bank in 2009 represented an increase of 20.23 percent over those of 2008," he said. He stated that EBID played a very significant role in the integration and the economic development of the sub-region by intensifying the mobilization of resources and the granting of loans. He said the Bank was working towards the development of the private sector which was the engine of growth of the various states as well as the public sector.

The EBIB was established in 1999 by the decision of the authority of the ECOWAS heads of state and governments to be the leading regional investment and development financing institution. It is also to serve as a tool for poverty reduction, wealth and job creation so as to raise the living standards of the people in the West African sub-region 20 Dec 09