{"id":1242584,"date":"2022-11-03T08:27:24","date_gmt":"2022-11-03T08:27:24","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/11\/03\/ecowas-bank-for-investment-raises-authorised-capital-3-5bn\/"},"modified":"2022-11-03T08:27:24","modified_gmt":"2022-11-03T08:27:24","slug":"ecowas-bank-for-investment-raises-authorised-capital-3-5bn","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/11\/03\/ecowas-bank-for-investment-raises-authorised-capital-3-5bn\/","title":{"rendered":"ECOWAS Bank for Investment raises authorised capital $3.5bn"},"content":{"rendered":"

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The Board of Governors of the ECOWAS Bank for Investment and Development (EBID) has unanimously increased the Bank\u2019s authorised capital from $1.5 billion to $3.5 billion with effect from January 2023. The Governors also called for the third tranche of the capital of the bank which is in the sum of $438 million.<\/p>\n

The Board of Governors which comprises the Ministers of Finance and Ministers of Planning and Development of the 15 ECOWAS Member States took this decision at its just-ended 10th Extraordinary session held on 27th October 2022 in Praia, Republic of Cabo Verde.<\/p>\n

The President and Chairman of the Board of Directors of EBID, Dr. George Agyekum Donkor, made this\u00a0\u00a0 disclosure immediately after the session.<\/p>\n

According to Dr. Donkor, the decision by the Governors was very strategic and timely especially as the bank intensifies its resources mobilisation initiatives and seeks to position itself as the foremost regional development finance institution committed to playing a key and expansive role in assisting ECOWAS Member States to navigate the path to socio-economic recovery from the fallout of the COVID-19 pandemic and the Russian \u2013 Ukraine war.<\/p>\n

Outlining the justifications for the Governors\u2019 decision, Dr. Donkor emphasised the need for the bank to improve leverage, capital adequacy, liquidity, and the overall risk-bearing capacity.<\/p>\n

He further underscored the need for the bank to be abreast with industry trends and improve its rating. According to the President of EBID, calling the third tranche of the bank\u2019s capital will no doubt enhance the Bank\u2019s capacity to grant concessionary resources to Member States in order to accelerate economic recovery.<\/p>\n

\u00a0The Chairman of the Board of Governors, who is also the Vice-Prime Minister of Finance and Business Development and Minister of Digital Economy of the Republic of Cabo Verde, Dr. Olavo Avelino Garcia Correia, commended the President of the EBID and his team for the remarkable and exceptional performance within a short time which has led to impressive operational and financial performance of the bank and the eventual upgrade of the bank\u2019s rating by both Moody\u2019s and Fitch rating agencies.<\/p>\n

He urged the Management of the Bank not to rest on its oars but strive to obtain investment grade in order to attract competitive resources for ECOWAS Member States.<\/p>\n

EBID is a leading regional investment and development bank, owned by the 15 ECOWAS Member States, namely, Benin, Burkina Faso, Cape Verde, C\u00f4te d\u2019Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo.<\/p>\n

DISCLAIMER: <\/strong>The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Board of Governors of the ECOWAS Bank for Investment and Development (EBID) has unanimously increased the Bank\u2019s authorised capital from $1.5 billion to $3.5 billion with effect from January 2023. The Governors also called for the third tranche of the capital of the bank which is in the sum of $438 million. The Board […]<\/p>\n","protected":false},"author":1,"featured_media":1242586,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[28447,12876,557,2056,2674,913,776],"class_list":["post-1242584","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-3-5bn","tag-authorised","tag-bank","tag-capital","tag-ecowas","tag-investment","tag-raises"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1242584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1242584"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1242584\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1242584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1242584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1242584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}