Nigeria and four other countries in the sub-region are to benefit from the Economic Community of West African States (ECOWAS) Bank for Investment and Development (EBID) $250 million economic boost.
The Board of Directors of the bank, according to a statement, approved the fund which is aimed at boosting their oil & gas, energy, road infrastructure and agricultural sectors.
The other four beneficiaries are Burkina Faso, Ghana, Senegal and Sierra Leone.
According to a statement on Thursday from the bank, the approval is part of the intensified efforts by EBID to invest in key sectors to spur up post-COVID pandemic recovery and mitigate the impact of the Russian – Ukraine war on the member states of the Economic Community of West African States (ECOWAS).
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The announcement, according to the statement, was made by the President and Chairman of the Board of Directors of EBID, Dr George Agyekum Donkor at the just-concluded 79th session of the Board of Directors of the Bank.
Donkor was said to have observed that the impact of the COVID pandemic and on-going Russian – Ukraine war have left many economies in tatters.
He indicated that the current market conditions have compelled investors to seek premiums on investments in sub-Saharan Africa thereby increasing the cost of capital.
ECOWAS Bank for Investment and Development (EBID) is a leading regional investment and development bank, owned by the 15 ECOWAS member states, namely, Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo.
The bank with headquarters in Lomé is committed to financing developmental projects and programmes covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and social services sectors, through its private and public sector windows.