ECOWAS bank supports member states with over N1 trillion

ECOWAS bank supports member states with over N1 trillion

- Dr. George Donkor, the president of ECOWAS Bank, has revealed that West African countries have been supported financially

- Donkor added that each ECOWAS member country has been catered for in terms of investments

- According to him, the bank was focused on the economic development of member states

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The ECOWAS Bank for Investment and Development (EBID) has provided support to the tune of $2.9 billion (N1,099,100,000,000) to West African countries.

According to the president of the bank, Dr. George Nana Agyekum Donkor, the decision is in line with the core duty of the bank to enhance the sub-region’s development agenda.

Speaking at the construction site of the Garden City Mall in Kumasi in the Ashanti Region, Dr. Donkor revealed that EBID was focused on the economic development of member states.

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It was gathered that the president of the bank was leading a delegation to inspect the progress of work at the site.

He added that the Garden City Mall project could help enhance Kumasi’s local economy and create jobs, Ghana News Agency reports.

ECOWAS bank supports member states with over N1trillion
ECOWAS is supporting member states with over N1 trillion for investment.
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He noted that reputable partners such as the Ghana Commercial Bank, Kumasi Traditional Council, Methodist Church of Ghana, and the Retail and Realty Company Limited were involved in the project.

Meanwhile, reported that there was a fire outbreak at the accounts and finance department of the ECOWAS secretariat, Asokoro, Abuja.

It was reported that the inferno occurred on the night of Tuesday, August 4. However, journalists gathered that the fire was quenched by operatives of the Federal Fire Service (FFS) in a short time after it erupted.

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In a related development, the Federal Executive Council (FEC) has approved N2.3 trillion as a stimulus plan to support the Nigerian economy as the country continues to battle the novel coronavirus pandemic ravaging the global economy.

The funds were recommended by the Economic Sustainability Committee led by Vice President Yemi Osinbajo to ensure the country’s economy survives the impact of the pandemic.

In other news, the World Bank has revealed two key factors that may plunge Nigeria into a severe economic recession the worst since the 1980s.

The two key factors are the crash in global oil prices and the ravaging coronavirus pandemic.

the World Bank in a statement titled Nigeria In Times of COVID-19: Laying Foundations for a Strong Recovery, estimated that Nigeria’s economy would likely contract by 3.2% in 2020.

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