Osinbajo hails ECOWAS bank for infrastructure funding

Paola Ditto
Agosto 24, 2017

Adeosun called on other Finance Ministers to endeavour to speak about radical economic transformation with a view to taking the region "on the path to a better life for all citizens in our Community".

He stated that although it was a World Bank food programme, those in the region and the EBID could do more especially with mobilizing resources for a major agriculture fund with emphasis on promoting inclusion and jobs.

"Potentially, these areas also provide investors with profitable investment opportunities in our community", she said, also pointing to need to promote regional integration in the sub-region.

According to her, infrastructure development remains top of the agenda to ease movement of goods, people and services across the ECOWAS community.

"We are pleased to report that in 2016, we were able to conclude negotiations with the Arab Bank for Economic Development in Africa (BADEA), which culminated into the signing of two loan agreements in the amounts of United States dollars 45 million and USD 15 million, for trade finance and private sector financing, respectively, at the margins of the 42nd Annual General Assembly of the Islamic Development Bank in May 2017, in Jeddah, Saudi Arabia".

"Diversification and domestic resource mobilisation through improved tax revenue are therefore on-going".

Adeosun said, "The journey towards facilitating economic development in our sub-region has a number of challenges in line with our ECOWAS vision and these we must address".

President of the Bank, Mr Bashir Ifo, said the implementation of the 2016-2020 strategic plan of the bank was being constrained due to lack of resources. "A review of the Key indicators of the abovementioned plan showed that all of the projected targets for various quantitative indicators have fallen below expectations".

The bank whose headquarters is located in Lome, Togo, was established by member states of the ECOWAS.

He said payment of the remaining capital arrears owed by member states would not only help it fulfill its mandate in the sub-region. "In short, additional equity infusion would strengthen the Bank's balance sheet, which would then permit it to mobilize funds at competitive rates".

"It is time for a shift to a new model which ensures that opportunities from economic growth and development can be enjoyed and shared by more people in the sub-region", Mrs. Adeosun called.

He, however, said that that in spite of resource constraints, the bank had been making significant regional development and integration efforts. "In Infra-structure, the bank contributed to the funding of Tinapa, in Cross River State of Nigeria".

"This culminated into the signing of two loan agreements in the amounts of 45 million dollars and 15 million dollars for trade finance and private sector financing. We are also in discussions with the Indian Government for another Dollars 500 million line of credit to the Bank".

"In addition, discussions are ongoing with the Islamic Development Bank, China Development Bank and OPEC Fund for International Development (OFID)".

And according to him, a strong, vibrant and creative ECOWAS Bank for Investment and Development (EBID) is a strong pillar in building the much desired great West Africa.

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