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FG pledges more support for ECOWAS Investment Bank

FG pledges more support for ECOWAS Investment Bank

The Federal Government has pledged more support for the ECOWAS Bank for Investment and Development (EBID).

The Vice President, Professor Yemi Osinbajo, who addressed a gathering of Ministers of Finance in West Africa on Tuesday in Abuja applauded the contribution of the ECOWAS bank towards regional development.

The government also commended the bank for its role as a sub-regional centre for commercial activity and project funding support.

Professor Osinbajo noted that Nigeria’s leadership of the continent was not just about the size of its population or economy, but also because of its capacity to create opportunities for Africans across borders.

He said, “The bank must be commended for its catalytic growth in many game-changing investments in energy, in infrastructure, and even banking.

“In energy, the desert connection to link Nigeria and Togo which was co-financed by the ADB and the BOAD; in infrastructure, the bank contributed to the funding of Tinapa in Cross River State of Nigeria. Tinapa remains one of the most visionary projects designed to make Cross River state an international commercial and tourism hub.”

The Minister of Finance, Mrs Kemi Adeosun, who emerged the new chairperson of Board of Governors the ECOWAS bank, stressed the need for governments in the sub-region to improve the standard of living of the people.

According to her, finance ministers must endeavor to speak about the radical economic transformation that will take the region on the path to a better life for all citizens.

On his part, President of EBID, Mr Bashir Mamman Ifo, said the implementation of the bank’s 2016-2020 strategic plan was being constrained as a result of lack of adequate resources.

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