Liberia is set to receive US $50m for construction of Sasstown-Klowein Road

Liberia will receive 50 million of dollars from the ECOWAS Investment and Development Bank (EBID) for the construction of the Sastown-Chloe Road in the south-east of the country.

Mr. Basil Maman, President of Ebid, approved the funds and said the financing would include about 50 km of civil works on the project, as well as other important components of road construction in the public sector.

With regard to resource mobilization, Mr. Ifo noted that it was an ongoing process through which banks raised funds from financial markets in the region, Europe and Asia to finance projects.

ECOWAS Bank for Investment and Development The ECOWAS Investment and Development Bank (EBID) is the financial institution of the Economic Community of West African States and comprises 15 Member States, namely Benin, Burkina Faso, Cape Verde, Côte d ' Ivoire, the Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, the Niger, Senegal, Sierra Leone and Togo.

Ebid's mission is to help create favourable conditions for the full integration of economically powerful, industrialized and prosperous West Africa into the global economic system, with a view to taking advantage of the opportunities and prospects offered by globalization. The bank operates mainly in the following areas: infrastructure, transport, energy telecommunications; agriculture and rural development, social sectors; and industry, services (financial services, financial engineering, hotels/tourism, etc.).

EBIT is intervened through long-term, medium-and short-term loans, equity participation, credit Line award and implementation of refinancing, financial engineering operations and service framework agreements. To date, EBID has approved funding for 278 projects in West Africa, equivalent to 1.008 billion account units (UA), equivalent to $2.5 billion.

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