ECOWAS Bank invests US$2.9 billion in economies of member states

The ECOWAS Bank says it is committed to financing development projects and programmes in areas such as infrastructure, transport, energy and agriculture

Ghana News Agency (Kumasi) – The ECOWAS Bank for Investment and Development (EBID) says it has invested US$2.9 billion into the economies of member states.

George Nana Agyekum Donkor, the president of the EBID, said the investments were in line with the mandate of the bank to promote the development agenda of the sub-region.

He was speaking at the construction site of the Garden City Mall in Kumasi after leading a delegation of the bank to inspect progress with works.

The project, which is being funded by the EBID and GCB Bank, is a partnership by the Kumasi Traditional Council, the Methodist Church of Ghana and the Retail and Realty Company Ltd.

The ECOWAS regional bank has so far invested US$20 million in the project, which is expected to open in April 2021.

Dr Donkor said the EBID was committed to the economic development of member states.
He said the Garden City Mall project has huge prospects for enhancing the Kumasi local economy as well as for job creation.

The partners involved in executing the project were reputable institutions worth supporting for the benefit of the thousands of people who will be given direct and indirect jobs, he said.

The EBID has also funded the buiding of the Kempinski and Marriott Hotels in Accra, the expansion of the Ghana National Fire Service (GNFS) and the extension of electricity to 114 communities in the Ahafo, Ashanti and Bono Regions.

Focus on development

Dr Donkor commended the project contractors for the remarkable progress made so far and urged them to work hard to complete the work on time.

The EBID is the financial arm of ECOWAS, which comprises 15 member states and has its headquarters in Lomé, Togo.

It is committed to financing development projects and programmes in the areas of infrastructure, transport, energy, agriculture, telecommunications, rural development and industry.

The bank intervenes through short-, medium- and long-term loans, equity participation, granting of lines of credit and putting in place framework agreements for refinancing, financial engineering operations and services.

* Asaase Radio 99.5 – tune in or log on to broadcasts online.

Ghana News Agency
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