The ECOWAS Bank for Investment and Development (EBID) commemorated the 50th anniversary of the Economic Community of West African States (ECOWAS) with a special event held on Tuesday, May 27, in Lomé, Togo. The event convened leaders of the financial institution alongside a diverse panel of stakeholders from the public, private, financial, insurance, investor, and entrepreneurial sectors at EBID’s headquarters.
The event served as an opportunity for EBID, the primary financial arm of the West African organization, to showcase its mission, vision, and partnerships with public and private institutions. More importantly, it highlighted EBID’s contributions to the development of the ECOWAS community. “We are not only celebrating five decades of collaboration, but we are also reflecting on the progress made and the road ahead. Since its inception, ECOWAS has evolved from a regional trading bloc to a formidable force for regional economic growth. As the Community’s Development Finance Institution, EBID is committed to financing infrastructure development and supporting private sector growth in key areas of the economies of member states, such as energy, health, agriculture, education, and transport,” explained Moctar Coulibaly, the institution’s Secretary-General, who represented President George Agyekum Donkor at the celebration.
Coulibaly also emphasized the crucial role of the private sector in fostering development in West Africa. “The infrastructure deficit facing our sub-region, estimated at around USD 3 billion per year by the ECOWAS Project Preparation and Development Unit (PPDU), cannot be filled by public resources alone, especially given the difficult global economic climate. While public institutions lay the foundations, the role of the private sector in development cannot be underestimated. Public-private partnerships (PPPs) have emerged as effective mechanisms for mobilizing resources, sharing risks, and delivering essential services,” he stated.
EBID underscored that the Golden Jubilee celebration should serve as a call to action, urging the strengthening of regional institutions, the promotion of policy harmonization, and increased investment in human capital.
The official launch of the ECOWAS 50th-anniversary celebrations took place on May 22 in Accra, Ghana, and celebrations are scheduled to continue in various member states.
