Liberia is set to receive US $50m from the ECOWAS Bank for Investment and Development (EBID) for the construction of Sasstown-Klowein Road in the southeastern part of the country.
The President of EBID, Mr. Bashir Mamman Ifo, approved the funds and said that the financing will cover civil works for approximately 50 KM of the project, among other crucial components of public sector road construction.
With regards to resource mobilization, Mr. Ifo pointed out that it was a continuous process through which the Bank raises funds from financial markets within the region; from Europe and from Asia, to finance projects.
ECOWAS Bank for Investment and Development
The ECOWAS Bank for Investment and Development (EBID) is the financial arm of the Economic Community of West African States (ECOWAS), comprising fifteen (15) Member States namely, Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Senegal, Sierra Leone and Togo.
The mission of EBID is to assist in creating favorable conditions for the emergence of an economically strong, industrialized and prosperous West Africa that is fully integrated into the global economic system with a view to taking advantage of the opportunities and prospects offered by globalization.
The Bank operates primarily in the following areas: infrastructure, transport, energy telecommunications; agriculture and rural development, social sector; industry, services (financial services, financial engineering, hotels/tourism, etc.). EBID intervenes through long, medium and short-term loans, equity participation, granting of lines credit and putting in place framework agreements for refinancing, financial engineering operations and services.
To date, EBID has approved funding for 278 projects in West Africa, corresponding to 1.080 billion Units of Account (UA), equivalent to about US $2.5bn.