By Mercy Omoike
The ECOWAS Bank for Investment and Development (EBID) has signed an agreement with the Government of the Republic of Côte d’Ivoire for the opening of its first country office.
EBID disclosed this in a statement to the News Agency of Nigeria (NAN) on Tuesday, adding that the agreement was signed in a ceremony in Abidjan.
The Ivorian Government, represented by the Minister of Foreign Affairs, African Integration and Ivorians Living Abroad, Mr Leon Kacou Adom, and the bank representative, Dr George Agyekum Donkor, signed the agreement.
The ceremony was also graced by the presence of Nialé Kaba, Minister of the Economy, Planning and Development, Governor of EBID, representing Côte d’Ivoire.
EBID is the development finance institution of the ECOWAS 15 Member States.
It is committed to financing developmental projects and programmes covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and social services sectors, through its private and public sector windows.
The statement described the development as part of efforts to grow the bank’s commitments in the ECOWAS sub-region, and support socio-economic development.
According to the bank, it deems it fit to set up a country office in Cote d’Ivoire.
In his speech, EBID President and Chairman of the Board of Directors, Dr George Donkor, thanked the Government of Cote d’Ivoire for being a key partner of the bank.
Donkor also lauded Côte d’Ivoire, for supporting the implementation of this initiative, which is in line with the Bank’s strategic objectives.
He also congratulated the Government of Cote d’Ivoire on the impressive macroeconomic gains made over the years.
He said that these had resulted in the country being rated as the best economy in the West African sub-region with a BB, stable outlook (S&P) and a Ba2, stable outlook (Moody’s).
Outlining the aims of the office, Donkor stated that “the country office will play a crucial role in the implementation of the bank’s Strategic Plan.
“This will be by making the bank more accessible to existing clients and potential partners in Cote d’Ivoire and surrounding Member States while facilitating impactful interventions,” Donkor said.
The Ivorian Minister of Foreign Affairs, Mrs Nialé Kaba, welcomed the move by EBID.
She expressed the hope that having a national presence would enable the bank to be even more relevant to the needs of economic actors, particularly in the private sector, to enhance its interventions.
Kaba reiterated Côte d’Ivoire’s support for EBID’s contributions towards improving the livelihoods of the Ivorian people and the wider West African Community.
The Minister for Economy, Planning and Development, who is also the Governor of EBID, representing Côte d’Ivoire, commended the bank for this bold strategic initiative.
She described the signing of the agreement as a concrete expression of the shared commitment of Côte d’Ivoire and the Bank to address the infrastructure deficit in the ECOWAS region and improve the lives of the people.
She emphasised that Côte d’Ivoire would be the first Member State to host a representative office of EBID which catchment area will cover Liberia, Sierra Leone, The Gambia, Guinea Bissau, and Senegal.
The establishment of a representative office of EBID in Abidjan serves as yet another illustration of the strategic importance of Côte d’Ivoire for the sub-region.
Till date, the country has benefited from a total of about XOF 567 billion (equivalent to $940 million) in commitments from EBID for both the private and public sectors. (NAN)
