17 June 2014

West Africa: Liberia Hosts 12th Ebid Ordinary Session As Konneh Takes Chairmanship

With the return of normalcy and Liberia's progressive rise in the world comity of nations, the country's stability seems to be rewarded with some high profile recognition. ECOWAS premier regional Bank, the ECOWAS Bank for Investment and Development will convene for the first time in Liberia, since its inception.

EIBD was established by the Authority of Heads of States of ECOWAS as far back as 1979, as the ECOWAS Fund. The Bank has since seen radical, transformative changes, culminating in 1999 into two holding companies.

Liberia's President Ellen Johnson Sirleaf is expected to kick-off the one-day meeting taking place today at the Royal Grand Hotel in Monrovia.

During the conference, Liberia will be named Chair of the Bank's Governing Board, which comprises Finance Ministers of the regional bloc.

A Finance Ministry dispatch is quoted as saying, , the Bank's governors, comprising Finance Ministers of member countries will at the 12th Ordinary Meeting review the Bank's activities over the last four years and to chart a new strategic direction for coming years. The Governors are also expected to assess and discuss the Bank's resource mobilization position, particularly its funding portfolio and the need for capital injection by member states. The discussions would also review operational and policy issues, ranging from loan approvals, commitments currently financed and the status of commitments from member countries. The EBID, formerly the EOCWAS fund was established by the Authority of Head of States of ECOWAS in 1979 as a leading regional investment and development finance bank for West Africa to foster infrastructure, trade, technology and social service development through low interest lending capital.

The EIBD was founded to help leverage lending capital within the ECOWAS zone and support member states carry out development projects aimed at alleviating poverty and driving economic growth and the development.

The ECOWAS Bank for Investment and Development (EBID), the financial arm of ECOWAS is an international finance Institution established by the fifteen member States of ECOWAS.

It emerged following the transformation, in 1999, of the former ECOWAS Fund for Cooperation, Compensation and Development (created at the same time with ECOWAS and became operational in 1979).

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