ECOWAS Bank Commits  $450 Million Into Cote d’Ivoire Economy

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A total of $450 million has been invested by the ECOWAS Bank for Investment and Development (EBID) in the economy of the Republic of Côte d’Ivoire to fund projects in a variety of sectors, including infrastructure, health, industry, and agriculture.

At a signing ceremony for two loan agreements totalling XOF 67.128 billion in Abidjan on August 30, 2022, Dr. George Agyekum Donkor, president of EBID, revealed this, according to information from EBID website.

The EBID President stated that the two loans will be used to finance a project to renovate operating rooms, neonatal units, and imaging services in referral hospitals, as well as to pay for the industrial component of the agro-industrial pole project in the country’s north (2PAI-NORD).

The report said “The ECOWAS Bank for Investment and Development (EBID) has so far committed a total of XOF 294 billion (equivalent of about USD450 million) into the economy of the Republic of Côte D’Ivoire to finance projects in various areas such as infrastructure, health, industry, and agriculture.

ECOWAS Bank Commits  $450 Million Into Cote d’Ivoire Economy

The President of EBID, Dr. George Agyekum Donkor, disclosed this at a signing ceremony for two loan agreements totalling XOF 67.128 billion in Abidjan on August 30, 2022.”

He also added that these facilities reaffirmed EBID’s commitment to supporting the Republic of Cote D’Ivoire in the implementation of its National Development Plan 2021-2025.

The release said “The President of EBID conveyed his heartfelt gratitude to the President of the Republic, His Excellency Alassane Ouattara, and his government, for their cooperation and continuous support to the realization of EBIDs strategic goals intended to foster advancement for the ECOWAS states. Quoting relevant macroeconomic figures, he commended the Government of Cote D’Ivoire for putting pragmatic policies in place to ensure prosperity for the people of Cote d’Ivoire despite the global economic downturn triggered by COVID-19 and the Russia-Ukraine crisis.”

Honourable Adama Coulibaly, Minister of Economy and Finance, who signed on behalf of the Government of Cote D’Ivoire, stated that the two projects sought to improve the quality of mother-child health care services as well as food and nutritional security.

He added that the agro-industrial initiative would reduce the country’s reliance on food imports while expanding revenue-generating exports of processed agricultural products. He praised EBID efforts that would hasten and strengthen subregional integration for a stronger ECOWAS to the benefit of its people.

In addition to signing the loan agreement, the EBID delegation paid a courtesy visit to Mrs. Niale Kaba, the Cote D’Ivoire Minister for Planning and Development and a Bank Governor. The discussion included topics related to EBID’s operations, recent successes, and difficulties. The Minister commended the Bank’s leadership for its performance and urged EBID to do more to support the subregion.