Nigerian bank partners with EBID to finance ECOWAS projects

Lagos, Nigeria (PANA) - Nigeria’s Bank of Industry (BoI) and the Economic Community of West African States Bank for investment and Development (EBID) are partnering to finance projects in ECOWAS member states.

The private Punch newspaper Friday quoted the Operations Director of EBID, Mr. Isaac Olagunju, as saying during a visit to BoI office in the commercial city of Lagos that beyond project financing, there was also the need for collaboration in the development of cross border projects, Small and Medium Enterprises financing and  staff development training strategies.

“Remember that BoI is the single largest bank for EBID. And it is in the light of this that we must liaise with them to get the desired level of funding for project financing, taking into cognizance that the bank is a success story in itself,” he said.

EBID, the financial arm of ECOWAS, was established by the 15 member states of the regional economic bloc with the main objective of contributing towards the economic development of West Africa through the financing of ECOWAS projects and programmes, including transport, energy, telecommunications, industry, poverty alleviation, the environment and natural resources.

In his remarks, the General Manager, Operations of BoI, Mr. Joseph Babatunde, said the bank would look into the request for a funding pact to boost infrastructure growth in the West African sub-region.
-0- PANA SB/SEG 6Sept2013

06 september 2013 11:33:03

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