ECOWAS Bank to focus on economic growth

The ECOWAS Bank for Investment and Development (EBID) says it would continue to focus efforts on providing support to private and public sector initiatives to grow the economies and create jobs in the sub-region.

Mr Bashir Ifo, EBID President, said everything would be done to lift the people out of poverty and transform their economic situation.

Evidence of this, he said could be seen from the bank’s assistance in areas of infrastructure, agriculture and private sector development.

Since the start of its operation in 2004, it has made available a total of $1.77 billion towards the implementation of 177 projects in the member states, a facts sheet detailing the operations of the bank, and made available to Ghana News Agency in Kumasi said.

EBID has agreed to give a $ 20 million credit facility towards the construction of an ultra-modern shopping mall that would serve as a one-stop shop in Kumasi.

The signing of the loan agreement preceded the official launch of the project which would be executed in two phases.

Phase one of the project, sited on a 13.8- acre land would involve the construction of shopping mall, cinema and water park and is expected to be ready by December, next year.

Mr Ifo indicated that the bank, set up at the same time with the ECOWAS Commission, on May 1975, to fund development projects and programmes capable of fostering socio-economic development and regional integration is making progress.

It remained committed to taking bold action to strengthen its internal administrative and financial management to sustain it on the path of growth and stronger performance, he said.

He expressed satisfaction with the cost controls, efficient organisation of work and the increasing volume of the bank’s activities.