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Page last updated at Tuesday, October 11, 2011 9:09 AM \/\/ <\/span><\/div>\nEcowas Bank for Investment and Development (EBID) is negotiating with some Chinese banks to raise $1.5 billion to finance infrastructure projects in four French-speaking countries, Mr Bashir Ifo, Acting President of the Bank said on Monday.<\/p>\n
\u201cI am delighted to disclose that in consultation with the Chinese banks, about 13 projects in four eligible countries namely Mali, Senegal, Togo and Burkina Faso have so far been identified \u2013 the estimated amount involved is $1.5 billion,\u201d Mr Ifo said at the opening session of the bank\u2019s governors meeting in Accra.<\/p>\n
The Lome-based EBID, owned by the West African regional grouping and offshore investors, was created to mobilize funds to finance development needs and reduce poverty in member countries.<\/p>\n
Mr Ifo said the bank had also in July, this year, signed a credit line of $150 million with India for various projects in member states.<\/p>\n
The Accra meeting will appoint a new president of the bank. It is also expected to set new limits in authorized capital for the bank.<\/p>\n
He said the bank\u2019s total commitments in loans, guarantees and equity participation rose to $905.9 million by end of August this year, from $751 million in December 2010.<\/p>\n
Within the same period, four loans amounting to $59 million were signed, he added.<\/p>\n
Mr Ifo said at the end of the first half of this year, EBID recorded a surplus of $2.66 million, up from a deficit of $4.8 million at the end of 2010.<\/p>\n
\u201cThis was made possible as a result of prudent measures put in place, coupled with aggressive loan recovery initiatives being pursued,\u201d he said, adding that the bank\u2019s financial situation was expected to improve further by the end of the year.<\/p>\n
Dr Kwabena Duffuor, Finance Minister and Chairman of the EBID Board of Governors, said the meeting would discuss strategies to make the institution more relevant to West African economies in the face of the current financial crisis in Europe.<\/p>\n
\u201cCountries all over the world are making efforts to strengthen their economies by pooling ideas and resources together through regional groupings and associations,\u201d he said.<\/p>\n
Source: GNA<\/p>\n
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You Are Here: Home \u00bb Africa\/International \u00bb EBID seeks $1.5b from Chinese banks to finance projects Page last updated at Tuesday, October 11, 2011 9:09 AM \/\/ Ecowas Bank for Investment and Development (EBID) is negotiating with some Chinese banks to raise $1.5 billion to finance infrastructure projects in four French-speaking countries, Mr Bashir Ifo, Acting President of the Bank said on Monday. \u201cI am delighted to disclose that in consultation with the Chinese banks, about 13 projects in four eligible countries namely Mali, Senegal, Togo and Burkina Faso have so far been identified \u2013 the estimated amount involved is $1.5 billion,\u201d Mr Ifo said at the opening session of the bank\u2019s governors meeting in Accra<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-489122","post","type-post","status-publish","format-standard"],"yoast_head":"\n
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