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ECOWAS Bank for Investment and Development to inject usd 200 million into the Ghanaian economy

Tuesday, 14 May 2024 20:36
ECOWAS Bank for Investment and Development to inject usd 200 million into the Ghanaian economy

(EBID) - The ECOWAS Bank for Investment and Development (EBID) has strengthened its transformative partnership with the Republic of Ghana by committing to inject USD 200 million into the Ghanaian economy through strategic alliances with the Ghana Export-Import Bank (GEXIM) and GCB Bank PLC.

This was contained in a Memorandum of Understanding (MOU) signed by Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, and Dr. Mohammed Amin Adam, Minister for Finance of the Republic of Ghana, at a ceremony held at the EBID headquarters in Lome, Togo.

The signing ceremony was attended by key stakeholders, including Mr. Lawrence Agyinsam, Chief Executive Officer of GEXIM, and Mr Samuel Aidoo, Executive Director, Wholesale, and Investment Banking at GCB Bank PLC, among others. The agreement epitomises EBID's unwavering dedication to fostering economic growth and shoring up resilience across the ECOWAS Member States.

In his opening remarks, Dr. Donkor commended Ghana for its steadfast support through the payment of its subscribed share of capital, and other commitments to the bank. He emphasised that the tripartite alliance between EBID, GEXIM, and GCB Bank PLC exemplifies EBID's strategic thrust to bolster the recovery and transformation agenda of Member States by channelling vital resources into pivotal sectors of their economies. According to him, this collaborative involvement underscores EBID's commitment to forging partnership synergies within the finance and investment domain, serving as a trailblazing model for future regional collaborations and investments.

In his response, Dr. Amin Adam highlighted the importance of organisations like EBID in driving sustainable transformation, especially amidst prevailing global challenges. He lauded the profound impact of EBID under the leadership of Dr. Donkor and expressed unwavering optimism regarding the Bank's continued role in shaping the region's developmental agenda.

The USD 200 million injection is intended to stimulate the growth of Small and Medium Enterprises (SMEs) in critical sectors of the economy, foster job creation, innovation, and sustainable development. This injection will bring EBID’s total commitments in Ghana to USD 600 million.

About EBID

ECOWAS Bank for Investment and Development (EBID) is the development finance institution of the Economic Community of West African States (ECOWAS) comprising fifteen (15) Member States namely, Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo. Based in Lomé, Togolese Republic, the Bank 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. EBID intervenes through long, medium, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations, and related services.

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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