EBID Reaffirms Commitment to Mali, Niger, and Burkina Faso Amid ECOWAS Tensions

The ECOWAS Bank for Investment and Development (EBID) remains committed to its financial partnerships with Mali, Niger, and Burkina Faso despite political tensions within ECOWAS and these countries’ intentions to exit the union. EBID President, Dr. George Agyekum Donkor, emphasized the bank’s focus on commercial relations, highlighting that loan repayment obligations will remain irrespective of political affiliations.

The Economic Community of West African States (ECOWAS) Bank for Investment and Development (EBID) has reaffirmed its dedication to sustaining financial partnerships with Mali, Niger, and Burkina Faso amidst ongoing political strains within ECOWAS. Despite these member states’ intentions to withdraw from ECOWAS, EBID president Dr. George Agyekum Donkor emphasized the importance of maintaining strong commercial relations during the 89th Ordinary Session of the Bank’s Board of Directors held in Lomé on October 1, 2024. Dr. Donkor remarked on the financial reliability of these states, declaring, “Burkina Faso, for example, is up to date with its loan repayment obligations, and Niger has also begun to repay its debts.” He further clarified, “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 perspective aligns with Togo’s initiatives aimed at enhancing cooperation with Mali, Niger, and Burkina Faso, particularly in customs matters. Established in 1999, EBID’s authorized capital reached $3.5 billion by the end of 2023, with 70% of the capital held by regional investors from the 15 ECOWAS member states. The Alliance of Sahel States (AES), while currently representing 6.29% of the capital, stands in contrast to Nigeria’s 31.24% and Ghana’s 15.71%.

The current political landscape in West Africa is characterized by rising tensions within the Economic Community of West African States (ECOWAS) due to various socio-political dynamics in member countries. Mali, Niger, and Burkina Faso have expressed intentions to form the Alliance of Sahel States (AES) and reduce their ties with ECOWAS. Despite these developments, the ECOWAS Bank for Investment and Development (EBID), a crucial financial institution established in 1999, aims to uphold its financial engagements with these countries, which are critical to regional development. The bank’s structure, with significant capital contributions from member states, illustrates its role in facilitating investments and development across the region. This focus on financial continuity underscores a commitment not to intertwine political shifts with economic responsibilities.

In summary, EBID’s commitment to preserving its financial relations with Mali, Niger, and Burkina Faso amidst their potential exit from ECOWAS reflects the institution’s focus on commercial cooperation over political affiliations. Dr. Donkor’s statements during the Board of Directors meeting highlight the financial reliability of these countries and affirm EBID’s role as a financial entity dedicated to fostering development irrespective of the political climate in the region.

Original Source: www.togofirst.com