Finance

IFO RE-ELECTED AS ECOWAS BANK FOR INVESTMENT (Daily Trust (Nigeria))

The Board of Governors of the ECOWAS Bank for Investment and Development (EBID) which comprises Finance Ministers from the fifteen (15) Member States of the Economic Community of West African States (ECOWAS), renewed the tenure of the President of the Bank, Mr. Bashir Mamman IFO for another term of four years, during the thirteenth ordinary session of the Board held in Bamako, Republic of Mali , on 15 June 2015.

EBID is the financial arm of the Economic Community of West African States comprising Benin, Burkina Faso, Cape Verde, Cote d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.

The Bank intervenes in various sectors of activity within the 15 member states including transport, infrastructure, telecommunications, rural development, industry, energy, the social and services sectors. EBID emerged from the transformation of the ECOWAS Fund for Cooperation, Compensation and Development (ECOWAS Fund) which was set up at the same time as the ECOWAS Secretariat, the present ECOWAS Commission, on May 28 1975, to fund development projects and programmes capable of fostering the socio-economic development of Member States within the framework of regional integration.

Prior to the renewal of Mr. Ifos’ tenure, the Board of Governors examined the Bank’s 2014 activity which it considered to be satisfactory, approved the financial statements and commended the Management and staff of EBID for the progress achieved.