AfDB and BIDC Sign a US $950,000 Technical Assistance Grant

4 March 2013
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African Development Bank (Abidjan)
press release

The African Development Bank (AfDB) and the Investment and Development Bank of the Economic Community of West African States (EBID) signed today a grant agreement amounting to US $950,000 to strengthen the EBID institutional capacities. The signing ceremony, held during the inauguration of the AfDB national office in Togo, was chaired by Serge N'Guessan, AfDB Resident Representative in Togo, and Bashir Ifo, EBID President.

This grant, provided from the Fund for African Private Sector Assistance (FAPA), funded by the Government of Japan, the AfDB, the Austrian Development Bank and the Government of Austria, will finance a technical assistance program allowing EBID to implement its private sector operations strategy and processes, to reinforce its human capital and increase its resources mobilization. This grant is part of a large technical assistance program funded jointly with the French Development Agency (AFD) who provided a €500,000 to EBID in 2011 to improve its financial and risk management framework.

Bashir Ifo welcomed the excellent quality of cooperation between AfDB and EBID and affirmed that "the grant agreement which has just been signed illustrates the vitality of this cooperation which will enable EBID to be engaged in a program of reinforcement of its private sector operations in the region." He further added that "this grant will contribute optimizing EBID management capacities, by which the Bank will able to be placed at a constant and favourable level of performance."

In his speech at the signing ceremony, N'Guessan thanked the Japanese and the Austrian Governments and people for their contribution to boost the private sector development on the continent. N'Guessan said: "This assistance will enable EBID to respond effectively to the challenges of developing and promoting the private sector in the Economic Community of West African States (ECOWAS). The success of the technical assistance program will also pave the way for other interventions for EBID, an institution that represents the AfDB an essential partner in fulfilling our shared mission."

Through FAPA funds, AfDB has initiated a broad program for institutional capacity building to support the African Development Finance Institutions such as the West African Development Bank (BOAD), the East and South African Development Bank (PTA Bank), the East African Development Bank (EADB), the Bank Congolaise de l'Habitat (BCH) and finally Shelter Afrique (specialized in housing finance in Africa).

Read the original article on African Development Bank (AfDB).

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