EBID approves over $68m funding for projects

BY: Isaac Yeboah
President and Chairman of EBID, Dr. George Agyekum Donkor
President and Chairman of EBID, Dr. George Agyekum Donkor

The ECOWAS Bank for Investment and Development (EBID) has approved US$68,105,350.42 for the funding of public and private sector projects.

The approval by EBID’s Board of Directors during its 75th Meeting in Lomé, Togo, saw the Bank’s president and chairman Dr. George Agyekum Donkor reiterating that the funding – which further heightens the Bank’s commitment to achieve the objectives of its Strategy 2021-2025 – will address infrastructure gaps in key sectors such as health, industry, agribusiness, and trade, in four member states of ECOWAS.

The funding approvals are for projects in Ghana, Togo, Cote D’ivoirie, and Senegal.

Among the projects approved is the construction of a 60-bed specialized state of the art medical referral facility valued at US$12,157,000 at Camp General Gnassingbe Eyadema in Togo.

“This will ensure world-class healthcare delivery and access to quality health care services in addition to the creation of an estimated 435 jobs among other benefits,” a statement issued by the bank noted.

The Board also approved the construction of a semi-industrial processing plant for Issia, Côte d'Ivoire, which is intended to exploit and add value to the Coltan mining potential, to the tune of US$8,296,411.36.
Ghana’s Universal Merchant Bank Limited (UMB) and Senegal’s Banque Nationale pour le Développement Economique (BNDE) received credit lines of US$30,000,000.00 and US$17,651,939.06 respectively, to provide the respective Banks with stable resources to improve the coverage rate of their long and medium-term commitments with specific reference to SMEs/SMIs and effectively enhance their intervention capacities.

The focus will be the funding of activities related to the development and promotion of SMEs/SMIs through the provision of financing for processing and industrialisation in the agribusiness, health, services, and infrastructure sectors.

A US$20 million line of credit is also to be made available to companies in the ECOWAS sub-region to source goods and services from the United Arab Emirates or UAE-related companies to boost commerce and trade.