Banjul, April 14, 2025 – The Board of Governors of the ECOWAS Bank for Investment and Development (EBID) held its 23rd Ordinary Session on April 14, 2025, in Banjul, The Gambia. The meeting, chaired by the outgoing Chairman and Governor for The Gambia, Honourable Seedy K. M. Keita, Minister of Finance and Economic Affairs, was graced with the presence of His Excellency Muhammed B. S. Jallow, Vice President of the Republic of the Gambia who represented His Excellency Adama Barrow, President of the Republic of The Gambia.
The Board of Governors, which is the highest decision making body of the Bank, made up of the Ministers for Finance and Planning of the ECOWAS Member States, met to consider a number key matters pertaining to the governance and administration of the Bank such as the Bank’s annual activity report and financial statements, the constitution of the new Board of Directors of EBID and the election of the new Chairperson of the Board of Governors.
In his welcoming remarks, Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, paid a glowing tribute to the outgoing Chairman of the Board of Governors for his unwavering commitment, support and guidance throughout his tenure, while extending his appreciation to the Governors for supporting the Bank in the execution of its mandate. Regarding the Bank’s performance in 2024, Dr. Donkor pointed out that EBID had made remarkable improvements, more than doubling its loan portfolio and almost doubling its balance sheet in the process. He noted that the Bank recorded a 12.86% increase in profit compared to 2023, which can be attributed to several factors, including increased disbursements, strategic sector focus, and enhanced efficiency in resource mobilisation.
In his opening address, the Vice President of the Republic of The Gambia urged EBID to explore more innovative and transparent off-balance sheet financing products to enable Member States to pursue their developmental goals without significantly increasing their debt profile. He also called for the establishment of trade lines for private sector players importing from the sub-region and the deployment of initiatives aimed at boosting intra-regional trade.
As part of the opening ceremony for the meeting, the Bank signed a public sector loan facility in an amount of USD 10 Million extended to the Government of The Gambia, to support the National Food Security Processing and Marketing Corporation (NFSPMC) for the second Generation National Agricultural Investment Plan- Food and Nutrition Security (GNAIP II-FNS). The project, which is geared towards improving food security and boosting agricultural productivity, is in line with the Bank’s strategy of investing in key sectors such as agriculture, technology, industry, transportation, etc., to foster socio-economic development for the benefit of economically vulnerable population groups across the ECOWAS subregion.
The Board also appointed a new Chairman of the EBID Board of Governors, in the person of Honourable Dr. Cassiel Ato Baah Forson, Minister of Finance of the Republic of Ghana.
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About EBID
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.
