The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) during its just-ended 85th Ordinary Session in Lomé, Togo has approved XOF 65 billion for the financing of infrastructure development projects in the subregion.
Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, stated that the amount committed would go towards two key projects. First, an amount of XOF 50 billion was approved for partial financing of the Infrastructure Development Project in District IV of the urban town of Diamniadio, which is set to be home to industries, logistics and key business services. Specifically, the project, which is within the framework of Senegal’s National Development Plan, will support the development and urbanisation of the Dakar-Mbour-Thiès Triangle. It is in line with the Senegalese Government’s efforts to develop ‘smart’ cities, equipped with cutting-edge technological infrastructures and systems to serve as a hub for international business in the modern context.
The Board of Directors of EBID also allocated XOF 15 billion for the Tivaouane-Mékhé section of the Dakar-Tivaouane-Saint Louis motorway construction project. This transformative project aims to build a 200km expressway connecting the main coastal towns and cities of Senegal. It will contribute to the economic development of the project zone in the areas of agriculture, mining, fishing, and tourism, while driving regional trade in ECOWAS and North Africa.
The two infrastructure development projects will promote socio-economic development in the Republic of Senegal and in the ECOWAS subregion, by supporting the expansion of commercial activity across various key sectors.
ECOWAS Bank for Investment and Development (EBID) is the development finance institution of the Economic Community of West African States (ECOWAS) comprising fifteen (15) 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. Based in Lomé, Togolese Republic, the Bank 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. EBID intervenes through long, medium, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations, and related services.