EBID Wants to Maintain Partnership with Mali, Niger, and Burkina Faso Despite ECOWAS Issues

Economic governance

Wednesday, 02 October 2024 16:13

EBID Wants to Maintain Partnership with Mali, Niger, and Burkina Faso Despite ECOWAS Issues

(Togo First) - Despite political tensions within the Economic Community of West African States (ECOWAS), the ECOWAS Bank for Investment and Development (EBID) is committed to maintaining financial relations with Mali, Niger, and Burkina Faso. As the three members of the newly-formed Alliance of Sahel States (AES) take steps to exit ECOWAS, EBID wishes to continue its partnerships with them.

Dr. George Agyekum Donkor, President of EBID, shared this position during the 89th Ordinary Session of the Bank's Board of Directors on October 1, 2024, in Lomé. "Concerning Sahel Alliance member countries such as Mali, Niger, and Burkina Faso, the Bank maintains strong commercial relations with them, despite political tensions". "Burkina Faso, for example, is up to date with its loan repayment obligations, and Niger has also begun to repay its debts," Donkor said.

"Even if these countries decide to leave ECOWAS, this should not affect their repayment obligations, as the Bank remains a financial and not a political institution " he added. This stance aligns with Togo's efforts to strengthen exchanges with these three countries, especially in customs.

Established in 1999, EBID had an authorized capital of $3.5 billion at the end of 2023, with 70% held by regional shareholders from the 15 ECOWAS member states. The AES accounts for 6.29% of this capital, compared to Nigeria's 31.24%, Ghana's 15.71%, and Togo's 3.43%.

Ayi Renaud Dossavi

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