The ECOWAS Bank for Investment and Development (EBID) intends to continue its financial partnerships with Mali, Niger, and Burkina Faso despite political tensions affecting the Economic Community of West African States. Dr. George Agyekum Donkor, the Bank’s President, emphasized that these countries will still meet their loan obligations regardless of their potential exit from ECOWAS, reflecting a commitment to commercial relations amid political challenges. Established in 1999, EBID holds an authorized capital of $3.5 billion, with significant contributions from regional shareholders.
The Economic Community of West African States (ECOWAS) is currently experiencing political tensions; however, the ECOWAS Bank for Investment and Development (EBID) is steadfast in its commitment to maintaining financial partnerships with Mali, Niger, and Burkina Faso. These three nations, now forming the Alliance of Sahel States (AES), are reportedly considering withdrawing from ECOWAS. Nonetheless, EBID aims to foster continued collaboration with them. During the 89th Ordinary Session of the Bank’s Board of Directors held on October 1, 2024, in Lomé, Dr. George Agyekum Donkor, President of EBID, reaffirmed this intention. He remarked on the strong commercial ties EBID has with these Sahel nations despite the prevailing geopolitical climate, stating that, “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 pointed out that Burkina Faso is current on its loan repayments, and Niger has initiated debt repayments as well. He emphasized that any decision made by these countries regarding their membership in ECOWAS will not alter their repayment commitments, asserting, “Even if these countries decide to leave ECOWAS, this should not affect their repayment obligations, as the Bank remains a financial and not a political institution.” This position is consistent with Togo’s aspirations to enhance trade relations with Mali, Niger, and Burkina Faso, especially in customs matters. Established in 1999, EBID concluded 2023 with an authorized capital amounting to $3.5 billion, with 70% of this capital derived from the contributions of regional stakeholders among the 15 ECOWAS member states. The AES’s contribution accounts for 6.29% of this capital, in comparison to Nigeria’s 31.24%, Ghana’s 15.71%, and Togo’s 3.43%.
The Economic Community of West African States (ECOWAS) has been facing political challenges, which have led to discussions among some of its member countries about potentially leaving the organization. Among these countries are Mali, Niger, and Burkina Faso, which have formed the Alliance of Sahel States (AES) in response to the current political climate. Despite these developments, the ECOWAS Bank for Investment and Development (EBID) aims to maintain robust financial relationships with these nations, focusing on their commercial obligations rather than political affiliations. Dr. George Agyekum Donkor, the President of EBID, has reiterated the Bank’s commitment to these partnerships, emphasizing that financial transactions will remain unaffected by the political dynamics.
In conclusion, the ECOWAS Bank for Investment and Development has clearly articulated its intention to retain financial partnerships with Mali, Niger, and Burkina Faso amid the political upheaval within ECOWAS. Dr. George Agyekum Donkor’s statements reflect a firm belief in the importance of sustaining commercial relations irrespective of political decisions, further underscoring EBID’s role as a financial entity. This stance not only aligns with regional efforts to foster collaboration but also reassures the member countries of their continuing obligations. The contributions and commitments of the AES nations remain crucial for the financial stability of EBID, which is poised to support economic development in the region.
Original Source: www.togofirst.com
