EBID Affirms Commitment to Financial Partnerships with Mali…

The ECOWAS Bank for Investment and Development (EBID) is determined to maintain financial relations with Mali, Niger, and Burkina Faso despite political tensions within ECOWAS. Dr. George Agyekum Donkor, President of EBID, confirmed that the Bank will continue supporting these nations, emphasizing their compliance with loan obligations and distinguishing the financial institution’s role from political matters.

The Economic Community of West African States (ECOWAS) Bank for Investment and Development (EBID) has reaffirmed its intention to sustain its financial partnerships with Mali, Niger, and Burkina Faso, despite ongoing political tensions within the ECOWAS framework. This declaration comes as these countries, now part of the newly-established Alliance of Sahel States (AES), consider a departure from ECOWAS. Dr. George Agyekum Donkor, President of EBID, articulated this commitment during the Bank’s 89th Ordinary Session of the Board of Directors on October 1, 2024, held in Lomé. He emphasized that the Bank continues to uphold strong commercial ties with Sahel Alliance member nations, remarking, “Concerning Sahel Alliance member countries such as Mali, Niger, and Burkina Faso, the Bank maintains strong commercial relations with them, despite political tensions.” Dr. Donkor highlighted that both Burkina Faso and Niger are current with their loan repayments, stating, “Burkina Faso, for example, is up to date with its loan repayment obligations, and Niger has also begun to repay its debts.” Further, he asserted that any potential withdrawal from ECOWAS would not alter their financial responsibilities, as EBID is primarily a financial institution rather than a political entity. This position is consistent with Togo’s aim to enhance commercial interactions with these nations, particularly in customs matters. The EBID, established in 1999, reported an authorized capital of $3.5 billion at the end of 2023, with 70% of this capital held by regional shareholders of the 15 ECOWAS member states. The AES contributes 6.29% of this capital.

The relationship between the Economic Community of West African States (ECOWAS) and its member countries is currently strained, particularly with Mali, Niger, and Burkina Faso, who are contemplating exiting the organization. The ECOWAS Bank for Investment and Development (EBID) plays a crucial role as a financier and is attempting to maintain its partnerships with these countries amidst these tensions. EBID’s commitment to financial collaboration is significant, as it facilitates essential funding and investment needed for regional development and stability. The establishment of the Alliance of Sahel States (AES) indicates a shift in regional alliances, raising questions about the future of financial agreements and cooperation among ECOWAS members. The operational dynamics of EBID and its commitment to uphold financial transactions could provide important stability in a potentially volatile geopolitical environment.

In summary, the EBID has reiterated its dedication to preserving financial relations with Mali, Niger, and Burkina Faso despite the countries’ political tensions and considerations to exit ECOWAS. This stance underlines the Bank’s role as a financial entity that prioritizes commercial obligations over political affiliations. The commitment of these countries to meet their repayment schedules further reinforces their partnership with EBID, which aims to strengthen exchanges and collaborations within the region. This development is vital for fostering regional stability and promoting economic growth.

Original Source: www.togofirst.com