EBID’s Commitment to Financial Relations with Mali, Niger, and Burkina Faso Amid ECOWAS Political Tensions

The ECOWAS Bank for Investment and Development (EBID) is committed to its financial relations with Mali, Niger, and Burkina Faso despite their plans to leave ECOWAS. President Dr. George Agyekum Donkor emphasized the importance of maintaining these partnerships, highlighting the repayment reliability of these nations. EBID’s financial operations focus strictly on economic stability, unaffected by political shifts.

The Economic Community of West African States Bank for Investment and Development (EBID) has affirmed its unwavering commitment to fostering financial relations with Mali, Niger, and Burkina Faso amidst the existing political strains within the Economic Community of West African States (ECOWAS). Despite these nations expressing intentions to withdraw from ECOWAS, EBID aims to sustain its partnerships with them. This position was articulated by Dr. George Agyekum Donkor, President of EBID, during the Board of Directors’ 89th Ordinary Session held on October 1, 2024, in Lomé. Dr. Donkor stated, “Concerning Sahel Alliance member countries such as Mali, Niger, and Burkina Faso, the Bank maintains strong commercial relations with them, despite political tensions.” He further emphasized the financial reliability of these countries, noting, “Burkina Faso, for example, is up to date with its loan repayment obligations, and Niger has also begun to repay its debts.” Dr. Donkor reiterated that the decisions of these nations regarding their status with ECOWAS would not impact their repayment commitments, underscoring that “the Bank remains a financial and not a political institution.” This approach is consistent with Togo’s objective to enhance cooperation, particularly in customs, with these three states. Established in 1999, EBID had an authorized capital of $3.5 billion at the close of 2023, with 70% being held by regional shareholders from the 15 ECOWAS member nations. The newly formed Alliance of Sahel States comprises 6.29% of this capital, contrasting sharply with Nigeria’s share of 31.24%, Ghana’s 15.71%, and Togo’s 3.43%.

The Economic Community of West African States Bank for Investment and Development (EBID) serves as a financial institution to facilitate economic development across its member states. Currently, it is navigating a complex political landscape within ECOWAS, marked by rising tensions, especially relating to nations such as Mali, Niger, and Burkina Faso, which have formed the Alliance of Sahel States (AES). These nations are seeking to exit ECOWAS, thus presenting particular challenges for ongoing financial and diplomatic relations. EBID’s stance is significant given its substantial regional influence and commitment to financial stability within the broader West African economic community.

In summary, EBID is steadfast in its commitment to maintain and nurture financial ties with Mali, Niger, and Burkina Faso, despite these nations’ political movements to exit ECOWAS. The Bank reaffirms that financial obligations will be upheld regardless of political circumstances, illustrating its focus on economic partnership rather than political affiliations. As regional dynamics evolve, EBID’s role in supporting its member states remains critical, particularly in ensuring consistent financial dealings.

Original Source: www.togofirst.com