The ECOWAS Bank for Investment and Development (EBID) is the financial institution established by the 15 Member States of the Economic Community of West African States (ECOWAS) comprising Benin, Burkina Faso, Capo Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo. The Bank’s headquarters is in Lome, Togolese Republic.
EBID emerged as a banking group (the EBID Group) after the transformation of the erstwhile Fund for Cooperation, Compensation and Development of the Economic Community of West African States (ECOWAS Fund) in 1999.
[The ECOWAS Fund was established in 1975 at the same time as the erstwhile Executive Secretariat of the Economic Community of West African States (the present ECOWAS Commission) and commenced operations in 1979].
EBID started operations in 1999 as a holding company with two specialized subsidiaries:
- ECOWAS Regional Development Fund (ERDF) for financing the public sector;
- ECOWAS Regional Investment Bank (ERIB) for financing the private sector.
In 2006, the ECOWAS Authority of Heads of State and Government agreed to reorganize the EBID Group into one unified entity with two windows: one for promoting the private sector and the other, for developing the public sector in order to extend the services of the Bank to a wider range of stakeholders involved in sustainable economic development activities and programmes at national and regional levels.
The headquarters of the Bank is in Lomé.
Vision: to be the leading regional investment and development finance bank in West Africa, a powerful financial institution for private sector promotion and financing in the region and an effective instrument for poverty alleviation, wealth creation and job promotion for the well-being of the people of the region.
Mission statement: to foster the emergence of an economically strong, industrialised and prosperous West Africa with a fully integrated economic system at regional and global levels in order to benefit from the opportunities offered by globalisation.
The Bank’s corporate object is to:
- grant loans and guarantees for financing investment projects and programmes relating to the economic and social development of Member States;
- mobilize resources within and outside the Community to finance the Bank’s investment projects and programmes;
- provide the technical assistance that may be required within the Community to study, prepare, finance and implement development projects and programmes;
- receive and manage the portion of the Community Levy resources earmarked for financing Community development activities;
- manage any Community special funds relevant to its corporate object;
- carry out any commercial, industrial or agricultural activity related to the Bank’s corporate object or required for the recovery of debts owed the Bank.
Within the scope of its corporate object, the EBID cooperates with national and sub-regional development organisations operating within and outside the Community. Furthermore, the Bank cooperates with other international organisations with similar aims and other institutions involved in the development of the Community.Ar
Areas of interventions
Operational activities of EBID are intended to lay the foundation for the sustainable development of Member States of the Community through the financing of regional and national (public and private) projects.
The Bank operates primarily in the following areas:
- Infrastructure and Basic Amenities;
- Rural Development and Environment (irrigation, flood control, rural water supply, agriculture, livestock, fisheries, ecosystem protection, renewable energy, capacity building);
- Social Sector (vocational training, education, health, support to decentralization, municipal facilities);
- Industry (agro-industry, mining industry, other industries, technology transfer, technological innovation);
- Services (financial services, services related to information technology, financial engineering, hotels, etc.).
Modes of interventions
The Bank intervenes in the form of:
- Long, Medium and Short-Term Loans;
- Equity Participation;
- Granting of Lines of Credit and Putting in Place Framework Agreements for Refinancing;
- Issue and Guarantee of Loans, Debentures, Bonds and Other Securities;
- Financial Engineering Operations and Services.
The authorized capital is US$1.5 billion. Seventy percent (70%) of the authorized capital is reserved for regional members (15 ECOWAS Member States) while the remaining 30% is open to subscription by non-regional members.
As at 31 December 2019 only regional members had subscribed to the capital structured as follows:
For more information: www.bidc-ebid.org.