ECOWAS Bank to raise 25b francs in Q1

The ECOWAS Bank for Investment and Development (EBID) plans to raise 25 billion francs (FCFA 25 billion) this quarter as the regional financier continues to explore domestic and international funding opportunities.

Speaking after the 61st meeting of the board of directors recently, President, ECOWAS Bank for Investment and Development (EBID), Mr. Bashir Ifo said the bank has a continuous process through which it raises funds from financial markets within the region, Europe and Asia to finance its projects.

He said the bank plans to raise 25 billion francs within the UEMOA capital market this quarter.

He noted that the bank has also been authorised to issue a Eurobond in the international capital market, adding that EBID also raises funds on a bilateral basis from Asia especially from EXIM Bank India while discussions are ongoing with China Development Bank.

He said the board approved partial financing for a $50 million public sector road construction project, the Sasstown-Klowein-road construction project, in the Republic of Liberia which among other crucial components comprises civil works for about 50 kilometres.

He added that the board also approved the 2018 activity report and 2018 accounts which were both recommended for the approval of the board of governors.

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