ECOWAS BANK HIGLIGHTS PROFIT-MAKING BALANCE SHEET FOR THE YEAR 2008
Posted by africanpress on July 17, 2009
By blame ekoue , abidjan
The Board of Governors of the Ecowas Bank for Investment and Development met in Abidjan, Ivory Coast at Hotel Tiama to review the economic programmes and investment projects as well as highlighting the profit-making outcome for the financial year ending on the 31st of December 2008.
This important meeting was attended by the ministers of Finances of ECOWAS member states or their representatives, the Vice-Chairman of ECOWAS Commission, the President of EBID Christian Narcisse Adovelande and his two Vice-Presidents Mr. Bashir Ifo in charge of Finance and Mr Ernest Komena responsible for Operations.
The board of governors was satisfied with the clean bill of health of the financial operations by the bank for the year 2008 even tough the financial market is characterized by the global financial crunch.
The balance sheet on the 31st of December 2008 highlights a profit-making outcome of 40,7 million UC about 29,5 billion CFA francs.
According to a communiqué issued by the board of governors at the end of the meeting, this indicates on the one hand the financial clean health of the bank due to the increase of the loans, on the other hand the pursuit of the mastered management policy inspite of the crunch.
According to the bank, this brings to 296,2 billion CFA francs the total financial support given by the bank to 76 projects since the effective starting of its activities on the 1st of January 2004.
Mr. Christian Adovelande was optimistic that despite the observed financial tendency, it is believed that the balance sheet at the end of the year 2009 will also be positive.
It will be recalled that during the 25th session held on the 26th of June 2009 the board of administrators approved the funding of projects in the sub-region estimated at 32 billion CFA francs including the project of the construction and exploitation of the Riviera-Marcory Bridge in Ivory Coast estimated at 8 billion CFA francs.
According to Mr Christian Adovelande, 63, 26 per cent of the loans agreements made by EBID are for the funding of infrastructures, 10,45 per cent for the social sectors, 13,36 per cent to industry sector and 12,93 per cent to services sector.
Mr. Charles Koffi Diby, Ivorian Minister for Finance and Economy is appointed as the new chairman of the board of governors of the bank.
According to Mr. Charles Koffi Diby, “EBID plays a crucial role in the sub-region in conformity with the aspirations of the population that lead to its creation. Created five years ago, the bank approved and financed important projects in favour of the state members to become in few period of time a valuable tool for integration and development of our sub-region”.
At the end of the meeting, the board of governors expressed thanks and profound gratitude to his Excellency Laurent Gbagbo to the Ivorian Head of State Laurent Gbagbo as well as the government and the people of Ivory Coast for their warm hospitality.
According to analyst the reputation of EBID as a credible source of financing development and public sector projects in various Ecowas member states has began to soar.
