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EBID approves several development projects across W/Africa

The fourth regular meeting of the Board of Directors of the Ecobank Bank for Investment and Development (EBID) has approved several projects for infrastructural development for some countries in the sub region, PANA reports from here.

The EBID, meeting on Wednesday at its headquarters in Lomé, Togo, approved US$ 10 million for the construction of dormitories as part of the project aimed at extending the “All Nations University College” in Koforidua, Ghana.

In Côte d’Ivoire, the Bank will disburse US$ 20 million for the partial financing of the project for the acquisition and deployment of terrestrial network equipment by RASCOM.

The public sector received only partial funding for the project aimed at strengthening the country’s capacity to distribute power in Togo’s large inland cities at the cost of US$ 10 million.

Faced with the latest international, economic and financial downturn and its effects on the Bank’s activities, the strategic direction is “to scale up bank interventions in the private sector, raise the level of operations as well as that of fees and charges on loans,” Bashir M. Ifo, President of the EBID, said.

Founded in 1999 and headquartered in Lome, the Togolese capital, the EBID, with a capital base of US$ 1.5 billion, has as key objective to develop the economy of the ECOWAS member countries through the funding of both private- and public-sector projects.

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