ECOWAS Bank Indicates Commitment To Continue Financial Relations With Mali, Niger, Burkina Faso Despite ECOWAS Tensions

Emmanuel EjioforOctober 3, 20241 Mins read274

The ECOWAS Bank for Investment and Development (EBID) has expressed its commitment to maintaining financial partnerships with Mali, Niger, and Burkina Faso, despite the political tensions within the Economic Community of West African States (ECOWAS).

These three countries, now members of Alliance of Sahel States (AES), withdrew from ECOWAS in January this year, but EBID intends to continue working with them.

During the 89th Ordinary Session of the Bank’s Board of Directors on Tuesday, in Lomé, EBID President Dr. George Donkor, stated that even if AES countries exit ECOWAS, it should not affect their financial obligations, as EBID operates as a financial institution, not a political one.

“Concerning Sahel Alliance member countries such as Mali, Niger, and Burkina Faso, the Bank maintains strong commercial relations with them, despite political tensions,” Donkor said.

He further pointed out that Burkina Faso is up to date with its loan repayments, and Niger has also begun paying its debts.

EBID, established in 1999, had an authorised capital of $3.5 billion by the end of 2023, with 70 per cent of its capital held by regional shareholders from the 15 member states of ECOWAS. The AES countries contribute 6.29 per cent of this capital.

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