Wednesday, October 28

ECOWAS invests US$2.9 billion in economies of member states

The ECOWAS Bank for Investment and Development (EBID) has invested US$2.9 billion into the economies of member states. Dr George Nana Agyekum Donkor, the President of the Bank, who announced this, said the investments were in line with the mandate of the bank to promote the development agenda of the sub-region.

He was speaking at the construction site of the Garden City Mall in Kumasi after leading a delegation of the bank to inspect the progress of work as one of the financiers of the project.

The project, which is being funded by EBID and the Ghana Commercial Bank (GCB), is a partnership between the Kumasi Traditional Council, the Methodist Church of Ghana and the Retail and Realty Company Limited.

The ECOWAS regional bank has so far invested US$20 million into the project, which is 85 per cent complete and expected to be opened in April 2021.

Dr Donkor said EBID was committed to the economic development of member states, adding that the Garden City Mall project had a huge prospect of enhancing the local economy of Kumasi as well as job creation.

He said the partners involved in the execution of the project were reputable institutions worth supporting for the benefit of the thousands of people who would be given direct and indirect jobs.

He disclosed that EBID also funded the Kempiski and Marriott Hotels, expansion of the Ghana National Fire Service (GNFS) and the extension of electricity to 114 communities in Ashanti, Bono and Ahafo Regions.

Other countries in the sub-region, according to him, also had the fair share of investments and gave the assurance that EBID would continue to drive the economy of the sub-region.

He commended the project contractors for the remarkable progress made so far and urged them to work hard to complete the work on time.

The delegation later paid a courtesy call on the King of the Asante Kingdom, Otumfuo Osei Tutu II at the Manhyia Palace.

The Asante Monarch commended the bank for supporting the project which, he said, would have a significant impact on the livelihoods of those who would be employed to work at the mall.

He encouraged the bank to extend their support to all member countries to address the infrastructural deficit in the sub-region.

The EBID is the financial arm of ECOWAS, comprising 15 member states with headquarters in Lome, the Republic of Togo.

It is committed to financing development projects and programmes in the areas of infrastructure, transport, energy, agriculture, telecommunication, rural development and industry.

The bank intervenes through short, medium and long term loans, equity participation, granting of lines of credit and putting in place framework agreements for refinancing, financial engineering operations and services.

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