ECOWAS Commission and EBID agrees to strengthen ties on mutual interest

The ECOWAS Commission and ECOWAS Bank for Investment and Development (EBID) have agreed to strengthen ties on mutual interest for the prosperity of the people in the sub-region.

The two bodies made the pledge when the leadership of EBID on Thursday, August 25, 2022, paid a working visit to the Commission’s headquarters in Abuja, Nigeria.

A statement issued by the Commission said the visit was to strengthen collaboration, expand cooperation and explore areas of mutual interest for the prosperity of the people of the sub-region.

Below is the statement

Abuja, August 25, 2022 – The ECOWAS Commission Leadership led by H. E Dr. Omar Alieu Touray, on Thursday 25th August 2022, welcomed the management of ECOWAS Bank for Investment and Development (EBID) to the commission’s headquarters in Abuja, Nigeria on a working visit to strengthen collaboration, expand cooperation and explore areas of mutual interest for the prosperity of the people of the sub-region.

This was the focus of the courtesy call on President Touray by the President of EBID, Dr. George Agyekum Nana Donkor where he congratulated the President on his successful inauguration and assured him of EBID’s support for his tenure. The EBID President said the new leadership of ECOWAS came at a time when the sub-region is facing numerous economic and security challenges but given the public service record and diplomatic antecedent of the new President, the sub-region will surely overcome these challenges. He added that EBID was formed in 1975 but started operations in 1979 with a mission to support the developmental projects and programmes of Member States.

In his response, the President of the ECOWAS Commission, H.E Dr. Omar Alieu Touray thanked the EBID management for their visit and support for the new administration. He stated that the new mantra “ECOWAS of the People” was created to deliver shared prosperity for the people of the sub-region which will be achieved through the four core strategies of the new ECOWAS Commission namely poverty reduction, economic integration, good governance and due process. He added that to achieve these strategies, there is a need to build deep collaboration and strong institutions with the right resources and processes. He then solicited the support of EBID to make the objectives a reality during his tenure. Thereafter, the meeting progressed to a working session with the management of the Commission led by the Vice President, H. E Madame Damtien L. Tchintchibidja.

At the working session, the Vice President of ECOWAS Commission, H. E Madame Damtien L. Tchintchibidja welcomed all EBID management once again and reiterated the commitment of the Commisssion to expand relationships with them. The President of EBID, on his part, share the organizational structure and history of the bank while focusing on the recent achievements in terms of projects and operations across Member States.

The meeting later delved into a closed door session where issues of mutual interest were discussed including payment of capital subscription by Member States, interest subsidy funds, status of cyber security grant, status of EU Pillar Implementation, Joint Resource Mobilization Strategy, Revitalization of the Permanent Committee for Studies and Research and Management of ECOWAS Staff Pension Funds. The meeting was concluded with a resolve from both parties to engage further on mutual issues towards achieving strong ties.