The ECOWAS Bank for Investment and Development (EBID) is committed to continuing its financial partnerships with Mali, Niger, and Burkina Faso, despite their potential departure from ECOWAS. Dr. George Agyekum Donkor emphasized during a recent board meeting that these relationships are vital for commercial continuity and are unaffected by political tensions within the region.
The Economic Community of West African States (ECOWAS) Bank for Investment and Development (EBID) is affirming its commitment to sustaining financial connections with Mali, Niger, and Burkina Faso, despite prevailing political discord within ECOWAS. This intention arises as these three nations, now part of the newly-formed Alliance of Sahel States, contemplate exiting ECOWAS. Dr. George Agyekum Donkor, President of EBID, articulated this dedication during the bank’s 89th Ordinary Session of the Board of Directors, held on October 1, 2024, in Lomé, emphasizing the significance of maintaining robust commercial relationships with these nations despite the political landscape. Dr. Donkor noted, “Concerning Sahel Alliance member countries such as Mali, Niger, and Burkina Faso, the Bank maintains strong commercial relations with them, despite political tensions.” He highlighted that both Burkina Faso and Niger are fulfilling their financial obligations, adding, “Burkina Faso, for example, is up to date with its loan repayment obligations, and Niger has also begun to repay its debts.” Furthermore, Dr. Donkor asserted that the potential exit of these nations from ECOWAS would not disrupt their repayment commitments to EBID, maintaining that the bank’s focus remains purely financial, devoid of political influence. This position is aligned with Togo’s broader strategy to enhance trade relations with Mali, Niger, and Burkina Faso, particularly in customs operations. Established in 1999, EBID’s authorized capital reached $3.5 billion by the end of 2023, with a significant 70% held by regional shareholders comprising the 15 ECOWAS member states. The Alliance of Sahel States accounts for 6.29% of this capital base, contrasting with Nigeria’s 31.24%, Ghana’s 15.71%, and Togo’s 3.43%.
The Economic Community of West African States (ECOWAS) is a regional political and economic union comprising fifteen countries in West Africa. Recent political tensions, primarily influenced by various socio-political changes within member states, have led to challenges in maintaining unity among these nations. The establishment of the Alliance of Sahel States marks a shift as members seek alternative collaborations outside ECOWAS. The ECOWAS Bank for Investment and Development (EBID) plays a crucial role in facilitating financial cooperation and investments within the region. Such partnerships are vital, especially for nations like Mali, Niger, and Burkina Faso, which are currently navigating complex political landscapes.
In conclusion, the ECOWAS Bank for Investment and Development repurposes its focus on financial stability and obligations by reinforcing its partnerships with Mali, Niger, and Burkina Faso amid their potential exit from ECOWAS. Dr. George Agyekum Donkor’s reaffirmations highlight the importance of maintaining robust financial relations that transcend political disputes, ensuring the continuity of agreements and partnerships necessary for regional development.
Original Source: www.togofirst.com
