West African bank in talks to raise US$1.5 bln from China

1194

West African ECOWAS Bank for Investment and Development (EBID) is in talks to raise US$1.5 billion from Chinese banks to finance projects in four countries in the sub-region, the acting head of the bank said in Accra.

“I am delighted to disclose that in consultation with Chinese banks, about 13 projects from four eligible countries namely Mali, Senegal, Togo and Burkina Faso have so far been identified – the estimated amount involved is $1.5 billion,” Bashir Ifo said on the margins of a conference in Accra, Ghana.

The Lome, Togo-based EBID was created to mobilise funds to finance development needs and reduce poverty in the member countries, Reuters reports.