Despite ongoing political tensions in ECOWAS, the ECOWAS Bank for Investment and Development (EBID) is committed to preserving financial partnerships with Mali, Niger, and Burkina Faso. As these countries consider leaving ECOWAS, EBID’s President Dr. George Agyekum Donkor emphasized the importance of commercial relationships and repayment obligations, reinforcing the Bank’s position as a financial entity rather than a political one.

The ECOWAS Bank for Investment and Development (EBID) has reaffirmed its commitment to sustain its financial partnerships with Mali, Niger, and Burkina Faso despite the prevailing political discord within the Economic Community of West African States (ECOWAS). This assertion comes as these three nations, now part of the newly-established Alliance of Sahel States (AES), are considering exiting ECOWAS. Dr. George Agyekum Donkor, the President of EBID, articulated this position during the 89th Ordinary Session of the Bank’s Board of Directors, held on October 1, 2024, in Lomé, Togo. He emphasized that the bank maintains significant commercial relations with these countries regardless of political strains. Specifically, he noted, “Burkina Faso, for example, is up to date with its loan repayment obligations, and Niger has also begun to repay its debts.” Furthermore, Dr. Donkor stated, “Even if these countries decide to leave ECOWAS, this should not affect their repayment obligations, as the Bank remains a financial and not a political institution.” This perspective aligns with Togo’s endeavors to strengthen economic interactions with Mali, Niger, and Burkina Faso, particularly in customs operations. Established in 1999, EBID concluded the fiscal year 2023 with an authorized capital of $3.5 billion, predominantly owned by regional stakeholders from the 15 ECOWAS member states, where the AES constitutes 6.29% of this capital. In contrast, Nigeria holds 31.24%, Ghana 15.71%, and Togo 3.43%.

The Economic Community of West African States (ECOWAS) is facing political tensions that have led to the formation of the Alliance of Sahel States (AES), which includes Mali, Niger, and Burkina Faso. This alliance signifies a potential shift in the political landscape, with these countries contemplating their exit from ECOWAS. Such a political transition raises concerns regarding financial obligations and relationships existing between ECOWAS institutions and these nations. The ECOWAS Bank for Investment and Development (EBID) plays a critical role in financing development projects in the region, and its commitment to staying connected with Mali, Niger, and Burkina Faso amidst these changes is significant for ongoing financial stability and growth in the Sahel region. Understanding the intricate dynamics between political affiliations and financial relationships is essential in evaluating the future of regional cooperation and economic development in West Africa.

In conclusion, the EBID has signaled its unwavering dedication to maintaining financial relationships with Mali, Niger, and Burkina Faso, irrespective of the political challenges encountered within ECOWAS. The bank’s focus on commercial obligations and its non-political stance serve to reassure these nations of continued support for their development needs. As these countries navigate their membership status within ECOWAS, EBID remains a crucial player in fostering economic collaboration and ensuring financial commitments are met. This approach may ultimately aid in stabilizing economic relations in the region despite evolving political landscapes.

Original Source: www.togofirst.com

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