The Board of Governors of the ECOWAS Bank for Investment and Development (EBID), has unanimously re-appointed Dr George Agyekum Nana Donkor as President of the Bank for the second term of five years.

His reappointment begins on February 1, 2024.

The EBID Board comprises the Ministers of Finance and Economic Planning of the 15 ECOWAS Member States.

A statement issued by EBID and copied to the Ghana News Agency, said the appointment took place during the just-ended 21st Ordinary Session of the Board of Governors held on April 5, 2023.

It said in taking the decision, the Board of Governors took into consideration the progress made by the Bank since Dr Donkor assumed office in January 2020. Notable achievements under his leadership included the reduction of the Bank’s Non-Performing Loans (NPL) ratio from over eight per cent to 4.28 per cent, 77.5 million recovered in respect of capital arrears, 36.8 per cent balance sheet growth in 2022, two consecutive widely successful debenture issuances on the West African Monetary and Economic Union (UEMOA) market and the enhanced quality of the Bank’s portfolio.

It noted that the Board also expressed its satisfaction with the improvement in the Bank’s credit rating, currently B2 with a stable outlook by both Moody’s and Fitch Rating Agencies, which was the best-ever rating in the Bank’s history and a reflection of the renewed investor confidence in the Bank, in spite of the daunting global economic context caused by COVID-19 pandemic and the Ukraine-Russia crisis.

In his remarks, Dr Olavo Avelino Garcia Correia, the outgoing chairman of the Board of Governors, stated that the Board was of the firm belief that Dr Donkor was the right person to take the Bank to the next level.

The Bank’s Board of Directors, which recommended the renewal of Dr Donkor’s term of office to the Board of Governors, described him as a man of impeccable professional credentials and a pragmatic leader who had implemented several commendable initiatives at the helm of the Bank that had yielded positive outcomes.

In his response, Dr Donkor pledged to continue working with the Ministers and the Board to forge ahead with the objective of establishing EBID as the leading financial institution in the region, while supporting Member States to ensure socio-economic development.

EBID is a leading regional investment and development bank, owned by the 15 ECOWAS Member States, namely, Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo.

Based in Lomé, Togo, the Bank is committed to financing developmental projects and programmes covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and social services sectors, through its private and public sector windows.

EBID intervenes through long, medium, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations, and related services.