News Column

ECOWAS Bank Executives Converge

June 16, 2014

Executives of the ECOWAS Bank for Investment and Development are converging on Monrovia today for a high level discussion on ways of developing strategic new direction for the bank.

Executives of the ECOWAS Bank are expected to focus on a number of policy issues such as funding, portfolio and commitment from member countries.

The high level delegation comprising Ministers of Finance will convene for the 12th Ordinary Meeting of the Board of Governors of the ECOWAS Bank for Investment and Development (EBID) today.

According to a release from Liberia'sMinistry of Finance, the meeting is expected to assess and discuss the Bank's resource mobilization position, particularly its funding portfolio and the need for capital injection by member states.

The discussions would also review operational and policy issues, ranging from loan approvals, commitments currently financed to the status of commitments from member countries.

The one-day convening is expected to attract 15 Ministers of Finance or their proxies. The event will take place at the Royal Hotel in Sinkor, Monrovia, on Monday, June 16.

The EBID, formerly the EOCWAS fund, was established by the Authority of Heads of State of ECOWAS in 1979 as a leading regional investment and development finance bank for West Africa to foster infrastructure, trade, technology and social service development through low interest lending capital.

Convened for the first time in Liberia, the meeting is expected to review the Bank's activities over the last four years, and also chart a new strategic direction for the coming years.

The meeting comes when Liberia, through its Minister of Finance Amara Konneh, is expected to assume the chairmanship of the EBID Board of Governors for the first time.

The EIBD was founded to help leverage lending capital within the ECOWAS zone and support member states carry out development projects aimed at alleviating poverty and driving economic growth and development.

The ECOWAS Bank for Investment and Development (EBID) is a financial arm of the main regional bloc ECOWAS established by the 15 member bloc.

It emerged following the transformation of the former ECOWAS Fund for Cooperation, Compensation and Development (created at the same time with ECOWAS and became operational in 1979).

EBID, as a bank, became operational on 1st January 2004 like a holding with two subsidiaries. Since January, 2007, it was reorganized into single organization with two windows, one for the promotion of the private sector and the other, for development of the public sector.

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Source: AllAfrica

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