Lomé, Togo (PANA) - The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) has approved investments totalling EUR 61 million and US$ 100 million to stimulate the infrastructure, trade and sustainable development sectors in West Africa.
The decision was taken at its 89th Ordinary Sessionheld at the Bank’s headquarters in Lomé, Togo, under the chairmanship of Dr George Agyekum Donkor, President and Chairman of the Board of Directors, a statement issued by the Bank said on Monday.
Dr Donkor emphasised that the approved investments are in line with the Bank's mission to promote sustainable development and regional integration for the ECOWAS sub-region while driving growth in economic activity.
For the private sector, a US$ 100 million line of credit was granted to Access Bank Plc in Nigeria to support SMEs to expand operations in the various sectors while for the public sector, three projects totalling EUR 61 million were approved in Nigeria to support infrastructure, transport, health and sustainable development.
“The approved projects aligned with the United Nations Sustainable Development Goals (SDGs) as well as the Bank’s Strategic Plan for 2021-2025,” the statement said.
These approvals bring EBID’s total commitments in the ECOWAS region to US$ 4.2 billion, of which total commitments in of Nigeria amounts to US$ 408 million.
-0- PANA MA 8Oct2024
