The African Development Bank (AfDB) Monday donated US$ 950,000 towards the reinforcement of the institutional capacities of the ECOWAS Bank for Investment and Development (EBID), with headquarters in Lome, Togo.
The AfDB donation, which is part of the Fund for the enhancement of the African private sector (FAPA), will back efforts by the EBID to improve its institutional capacities in a bid to address more effectively the development challenges and boost the ECOWAS zone private sector, a representative of the EBID, Serge N'Guessan, declared.
It will enable EBID to implement procedures and strategies for its operations in the private sector and build capacities for human resources.
The chairman of EBID, Bashir Ifo, said that the donation would enable the institution to enhance management capabilities in a favorable and sustainable manner.
The African private sector support fund is backed by the Japanese government, the Austrian Development Bank and the government of Austria.