Adeosun becomes new chairman of ECOWAS Bank for Investment & Development

Nigeria’s Minister of Finance, Kemi Adeosun, has emerged the new Chairman of the Board of Governors of the ECOWAS Bank for Investment and Development (EBID).

She assumed the new position on Tuesday in Abuja at the 15th Annual General Meeting of the board of governors of the bank.

Adeosun succeeds Hassoumi Massoudou of Republic of Niger.

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The meeting, which was declared open by Vice President Yemi Osinbajo, was attended by ministers of finance of all the 15-member states that make up the ECOWAS region.

Part of EBID’s stated objectives include “to contribute to the economic development of West Africa through the financing of ECOWAS projects and programs in particular, those related to transport, energy, telecommunications, industry, poverty alleviation, the environment and natural resources.”

As a financial institution with a mission to intervene in member states in order to improve the financial system and promote development, EBID “intervenes in the Public Sector by issuing Direct medium and long-term concessionary or non-concessionary loans; and in the Private Sector by issuing direct short, medium and long term loans, equity participation through equity or quasi-equity (convertible bonds and/or participatory loans), lines of credit and framework agreements for the refinancing of Member States’ national financial institutions, granting and/or guaranteeing of debenture loans, bonds, notes and securities, financial engineering and financial sectors”.

 

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