Connect with us

National News

EBID’s Authorised Capital now USD3.5 billion

Published

on

EBID’s Authorised Capital now USD3.5 billion

By: Michael Mike

The Board of Governors of the ECOWAS Bank for Investment and Development (EBID) has unanimously increased the Bank’s authorised capital from USD 1.5 billion to USD 3.5 billion with effect from January 2023. The Governors also called for the third tranche of the capital of the Bank which is in the sum of USD 438 million.

The Board of Governors which comprises the Ministers for Finance and Ministers for Planning and Development of the fifteen ECOWAS Member States took this decision at its just ended 10th Extraordinary session held on 27th October 2022 in Praia, Republic of Cabo Verde.

The President and Chairman of the Board of Directors of EBID, Dr. George Agyekum Donkor, made this   disclosure immediately after the session. According to Dr. Donkor, the decision by the Governors was very strategic and timely especially as the Bank intensifies its resources mobilisation initiatives and seeks to position itself as the foremost regional development finance institution committed to playing a key and expansive role in assisting ECOWAS Member States to navigate the path to socio-economic recovery from the fallout of the COVID-19 pandemic and the Russian – Ukraine war.

Outlining the justifications for the Governors’ decision, Dr. Donkor emphasized the need for the Bank to improve leverage, capital adequacy, liquidity, and the overall risk-bearing capacity. He further underscored the need for the Bank to be abreast with industry trends and improve its rating. According to the President of EBID, calling the third tranche of the Bank’s capital will no doubt enhance the Bank’s capacity to grant concessionary resources to Member States in order to accelerate economic recovery.

Also Read: https://dailypost.ng/2022/10/29/journalists-in-yobe-boycott-government-activities-over-alleged-intimidation-harassment/

The Chairman of the Board of Governors, who is also the Vice-Prime Minister for Finance and Business Development and Minister for Digital Economy of the Republic of Cabo Verde, Dr. Olavo Avelino Garcia Correia, commended the President of the Bank and his team for the remarkable and exceptional performance within a short time which has led to impressive operational and financial performance of the Bank and the eventual upgrade of the Bank’s rating by both Moddy’s and Fitch rating agencies. He urged the Management of the Bank not to rest on its oars but strive to obtain investment grade in order to attract competitive resources for ECOWAS Member States.

ECOWAS Bank for Investment and Development (EBID) is a leading regional investment and development bank, owned by the fifteen (15) ECOWAS Member States, namely, Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo. Based in Lomé, Togolese Republic, the Bank is committed to financing developmental projects and programs covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and social services sectors, through its private and public sector windows. EBID intervenes through long, medium, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations and related services.

EBID’s Authorised Capital now USD3.5 billion

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

National News

Investments in circular economy have the potential to increase forex earnings- NESREA DG

Published

on

Investments in circular economy have the potential to increase forex earnings- NESREA DG

By: Michael Mike

The Director General of National Environmental Standards and Regulations Enforcement Agency (NESREA), Prof. Innocent Barikor has affirmed that investments in the circular economy value chain have the potential to increase the country’s foreign exchange earnings.

Barikor made this statement recently during a meeting with the management of a plastic packaging recycling (rPET) company, Sonnex in Lagos.

He assured the team that the Nigerian government prioritizes circular economy, noting that the draft National Environmental (Plastic Waste Control) Regulations soon to be gazetted is one of the efforts to strengthen the legal framework for circular economy implementation in Nigeria.

He said: “Circular Economy falls under the Presidential priorities for the Federal Ministry of Environment, and the Minister is very keen on the success. Apart from tackling the problem of waste, green jobs have been created .

“The pellets and flakes you produce and export also generate foreign exchange. The Plastic Waste Control Regulations are awaiting official gazette and once gazetted, we would have connected the dots of the framework to implement circular economy in the plastic sector. We are deeply committed to ensuring the success of Circular Economy.”

Earlier, the Managing Director, Anil Mohinani intimated the NESREA boss on the process for the production of recycled PET bottles (rPET), whilst also highlighting the challenges faced by investors in the sector .

He listed some of the setbacks to include lack of a legal instrument to compel manufacturers in the food and beverage sector to embrace food-grade rPET, unfriendly policies by some foreign companies, and insufficient awareness .

“Europe and America create barriers to protect their international recycling business. There is unfair competition. In some countries such as Kenya, there is encouragement to invest in rPET recycling because there is a regulation in place,” he added.

Investments in circular economy have the potential to increase forex earnings- NESREA DG

Continue Reading

National News

ISWAP Terrorists Kill Hunters’ Leader in Borno

Published

on

ISWAP Terrorists Kill Hunters’ Leader in Borno

By: Zagazola Makama

Suspected ISWAP terrorists have killed the chairman of the hunters’ group in Garjang village, Damboa Local Government Area of Borno State.

Sources told Zagazola Makama that the incident occurred at about 5 a.m. on Sunday.

The victim, identified as Habu Dala, 53, was abducted from his home by the terrorists, who took him through Mulharam to Forfot villages in Damboa LGA.

Villagers mobilised in search of Dala and later found his corpse bearing gunshot wounds.

Troops of Operation HADIN KAI, members of the Civilian Joint Task Force (CJTF), and the hunters’ group visited the scene.

The remains were evacuated to the General Hospital, Damboa, where he was certified dead and later released to his family for burial in accordance with Islamic rites.

ISWAP Terrorists Kill Hunters’ Leader in Borno

Continue Reading

National News

Nine Injured in Kwali Farmers–Herders Clash

Published

on

Nine Injured in Kwali Farmers–Herders Clash

By: Zagazola Makama

Nine persons sustained machete injuries in a clash between Bassa farmers and Fulani herders in Gomoni Village, Kwali Area Council of the FCT.

Sources told Zagazola Makama that the fight, which broke out on Aug. 9 at about 3:30 p.m., followed alleged destruction of melon and maize farms belonging to the Bassa community by cattle.

It was gathered that the Nigeria army troops
along with joint team of operatives, and vigilantes were deployed to the scene following a distress call.

Six Bassa and three Fulani victims with varying degrees of machete cuts were taken to Rhema Foundation Hospital, Kwali, for treatment.

Authorities confirmed that the situation had been brought under control and normalcy restored, while investigation was ongoing.

Nine Injured in Kwali Farmers–Herders Clash

Continue Reading

Trending

Verified by MonsterInsights