The ECOWAS Bank for Investment and Development (EBID) has stated that it would be hosting the ECOWAS Investment Forum in Lome’ Togo on the 4th and 5th of April 2024 at 2 Février Hotel in Lomé, Togo.
This was disclosed by the President and Chairman of the Board of Directors ECOWAS Bank, George Agyekum Donkor on Wednesday 24th January, 2024 in Lome’ during the Media Launch of the 2024 ECOWAS Investment Forum.
While unveiling the theme, he has this to say, “The theme of the ECOWAS Investment Forum 2024 is “Transforming ECOWAS Communities in a Challenging Environment”, focusing on the transformative potential of public-private partnerships to drive economic growth and improve living standards in ECOWAS communities.
“The global economic challenges resulting from social and geopolitical tensions have significantly disrupted income-generating activities, particularly in sectors such as agriculture, infrastructure, energy, and healthcare. Some of the ECOWAS Member States have experienced a double-digit inflation trajectory, leading to weaker economic growth, unfavourable terms of trade, balance of payment deficits, and a depletion of central bank international reserves, thereby pushing countries to the brink of debt distress.
Organized by the ECOWAS Bank for Investment and Development (EBID) in partnership with the Government of the Republic of Togo and the Government of India through the India Exim Bank, the 2024 ECOWAS Investment Forum (EIF) will provide a strategic platform for development partners and stakeholders operating in the sub-region to connect and promote investment opportunities in key sectors of ECOWAS Member States, with a focus on stimulating shared prosperity and poverty eradication in the sub-region. The 2024 EIF will showcase the high investment potential of West Africa, present a pipeline of development projects and programs from the private and public sectors, as well as facilitate pertinent investment partnerships and conversations.
“Discussions will focus on strategies to improve the region’s investment climate, create opportunities for inclusive and sustainable economic growth, and build resilience to global shocks and threats”, George said.
While giving a brief background about EBID, he said, that EBID is a development finance institution (DFI) in its own right. “As one of the leading regional DFIs, the Bank has worked for over forty years to help Member States solve infrastructural, social, and institutional problems in the ECOWAS subregion through the financing of projects in the private and public sectors. Our activities are structured around the following areas: Lines of credit, Loans to the public and private sectors, Equity investments, Support to SMEs and SMIs, Innovative and structured financing, and Donations.
“EBID’s mission is to promote an integrated, inclusive, sustainable, and resilient subregion through the financing of national and regional development projects and programs.
In accordance with its Articles of Association, EBID’s objectives are to:
Contribute to the achievement of the Community’s objectives by supporting regional integration infrastructure projects and all other development projects in the public and private sectors; and Assist the development of the community by financing special programs.
“The ECOWAS Bank for Investment and Development (EBID) is the development finance institution of the fifteen (15) Member States of the Economic Community of West African States (ECOWAS) which are: Benin, Burkina Faso, Cabo Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.
“EBID was created in 1999 from the transformation of the former ECOWAS Fund for Cooperation, Compensation, and Development into a banking group known as the EBID Group. [The Fund itself was created in 1975, at the same time as the ECOWAS Executive Secretariat (now the ECOWAS Commission), and became operational in 1979” , he added.
Also speaking at the, the Minister of Economy and Finance, government of Togo, Hon. Sani Yaya assured EBID of the government’s maximum support in making the ECOWAS Investment Forum a hitch-free event stressing that the region’s arms are open for investment opportunities.