€61,526,000 being endorsed by the 74th Session of the Board of Directors of the ECOWAS for Investment and Development for projects in Benin, Burkina Faso and Cote D’Ivoire
By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The Session, was wielded via videoconference, evaluated the actions of the Bank for the second quarter of 2021 and analyzed key public and private sector projects for allotment within ECOWAS Member States, according to an assertion parodied to the
Ghana News Agency in Accra let out.
The conference similarly, paid for management the recourse to advise the Board of significant steps being carried to guarantee the ceaseless accomplishment of the Bank within the context of the prevailing the Novel Coronavirus (COVID-19) pandemic dilemmas and sound policies being implemented to confirm that the statute of the Bank is fulfilled. At the verge of the conference, the Board authorized numerous management analyses, recommended by
management in improvement to the agreement for grant of seven identified projects, which had gone through all the credit procedures of the Bank.
The approved projects comprise budget for the improvement and building of two (2) slaughterhouses in Ouagadougou and Bobo Dioulasso, and the construction of three new modern abattoir facilities in Ouagadougou, all in Burkina Faso, at a cost of €26,400,000. The project, it declared, strived at boosting the living circumstances of the
people through the industrial processing of local raw materials from the livestock subsector.
“Additionally, approval was also granted for partial funding of the construction of a new seven million, seven hundred thousand euros (€7,700,000) flour factory project in Cotonou, Benin Republic, with an annual processing capacity of about ninety thousand (90,000) tons of wheat,” the statement explained.
“Finally, the Board approved the construction and operation of a cocoa processing factory in San Pedro Cote d’Ivoire, in the amount of twenty-eight million fifty-six thousand euros (€28 056 000), which aims to locally grind at least 50 per cent of the country’s production.”
The statement asserted, the Board applauded management on the key creations in the tracts of research and the undertaking of undisputed policies. It vowed to give the essential assistance to fulfil the requirement of poverty alleviation, wealth creation and job promotion in the West African sub- region.
The EBID is a steering limited venture and progress institution, based in Lomé, Togo. It has over the past four decades subsidized roughly $2.8 billion in inter and intra-regional development programmes encompassing different enterprises from infrastructure and basic amenities, rural development and environment, industry, social sectors, and services.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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