Africa-Press – Gambia. The Ministry of Finance and Economic Affairs, through the government of the Gambia and the Ecowas Bank for Investment and Development (EBID), on Monday signed a loan agreement of $10M to support the National Food Security Processing and Marketing Corporation’s Generation National Agricultural Investment Plan- Food and Nutrition Security (GNAIP ll-FNS) project at a signing ceremony held at the Sir Dawda International Conference Centre.
EBID is the development finance institution of the Economic Community of West African States (ECOWAS), comprising 15 member states.
It emerged as a banking group (the EBID Group) after the transformation of the erstwhile Fund for Cooperation, Compensation and Development of the Economic Community of West African States, (The Ecowas Fund) in 1999.
The project is geared towards improving food security and boosting the agricultural productivity of The Gambia.
Dr George Agyekum Donkor, president of EBID, said he is honoured to sign this public sector loan agreement granting an amount of USD10 Million to the Government of The Gambia, to support the National Food Security Processing and Marketing Corporation (NFSPMC) for the second (GNAIP II-FNS) project.
“This project will ensure the availability of affordable essential food commodities, making them more resilient in the face of price fluctuations while improving the nutritional options for vulnerable populations through targeted investments in technology, infrastructure, and capacity building,” he informed the gathering.
He added that EBID is set up to foster socio-economic development in the Ecowas region by supporting impactful projects in key areas such as infrastructure, agriculture, and technology.
Therefore, this project is fully aligned with the Bank’s priority sectors while contributing towards the achievement of the UN Sustainable Development Goals (SDGs), particularly Goal 2, which seeks to end hunger and food insecurity.
“In terms of GDP growth, the Gambian economy recovered from a low growth of 0.6% in the Covid year of 2020 to 5.3% in 2021 and was estimated to end 2024 at 5.8%. GDP growth is projected to stay above 5% in 2025 and 2026. Although average inflation reached a peak of 16.97% in 2023, it declined to 14.4% in 2024 and is projected to decrease further to 9.8% and 6.6% in 2025 and 2026, respectively and The Gambia’s public debt rose to 88.9% of GDP in 2020, however, it has been declining consistently since then, reaching 75.2% in 2023 and is projected to fall below 70% of GDP in the medium term”, President Donkor explained.
He added that there is no doubt that The Gambia will continue to see progress as effective economic policies are implemented.
“It is against this background that the Bank is pleased to support this initiative, which by boosting agricultural productivity will also contribute to a growth of income-generating exports through agribusiness, to improve the country’s balance of payments”, he said.
Mr Donkor reiterated the commitment of his institution to supporting the national development plans of all the Ecowas member states, saying it is their hope that this investment will serve to improve the livelihoods of the people of the Gambia while creating jobs and building up the regional value chain.
EBID Board of Governors’ AGM
As part of the signing ceremony, the board of governors of EBID held its annual general meeting in Banjul, the 23rd edition.
This high-profile event convened ministers of finance, economy, and planning from Ecowas member states, alongside senior officials from EBID and regional stakeholders, to deliberate on critical issues of economic integration, investment strategies, and sustainable development in West Africa.
The day-long meeting brought together ministers of finance and planning of member states of the sub-regional economic bloc. This particular summit comes at a time when the three Sahelian states of Niger, Mali and Burkina Faso have turned their backs on the body that would celebrate half a century of existence in the not-too-distant future.
The meeting reviewed the bank’s activities over the past years and charted a new strategic direction for the coming years. The delegates assessed and discussed the bank’s resource mobilisation position, particularly in the funding portfolio and the need for capital injection by member states.
The meeting also came at time when The Gambia’s Minister of Finance and Economic Affairs, Hon Seedy Keita, is the chairman of the EBID Board of Governors.
Hon. Keita thanked Dr Donkor and his team for their support during his tenure and called on his fellow governors to support the Bank’s overall strategic growth while fulfilling its mandate of providing competitive resources for development projects.
Minister Keita said this event will showcase the high investment potential of West Africa, presenting a pipeline of development projects and programmes from the private and public sectors, as well as facilitate patient partner investment partnership and conversations.
“I would like to draw your attention to a significant decision made by the Board of Governors in 2022, which has profound implications for the future of our institution. In that year, the Board of Governors approved a landmark decision to increase the Bank’s authorised capital from UA 1 billion to UA 2.5 billion and issued a call for the third tranche of capital, amounting to UA 307 million. It is important to note that the deadline for the payment of this tranche is set for the end of December 2025,” Keita informed the gathering.
According to him, this decision was not taken lightly. “It was driven by the urgent need to provide the Bank with greater leverage to meet the growing volume of requests from both the public and private sectors. The expansion of their capital base is essential to enhance their ability to finance development projects and stimulate inclusive economic growth across all member states”, he said.
In his welcoming remarks, Dr. George Agyekum Donkor, the President of EBID, reported on the successes made by the bank over the past years.
“EBID aims to secure longer-term financing to support critical development projects across the Ecowas region while mitigating foreign exchange risks and enhancing access to competitive funding. This initiative reflects EBID’s commitment to fostering economic integration and sustainable development in West Africa through innovative financial strategies.”
Muhammed BS Jallow, the vice president of The Republic of The Gambia, said 2025 provides a unique opportunity to promote investment in key sectors of Ecowas member states with a focus on enhancing self-prosperity and eradicating poverty.
He added that key discussions and investment opportunities will revolve around sectors essential for the well-being of Ecowas communities, including education, healthcare, infrastructure, environmental sustainability and global market access.
“As a country, we would like to leverage effective instruments offered by EBID that will help to alleviate poverty, create wealth and employment opportunities for the well-being of the people of The Gambia and the sub-region”, VP Jallow said.
He also said that currently, about four government projects are under consideration.
The vice president urged Donkor, and his team to expedite and expand the operations in The Gambia.
In his closing remarks, the incoming chairman of EBID, Thomas Nyarko Ampem, Deputy Minister of Finance of Ghana, expressed his sincere gratitude to his fellow governors for the trust and confidence in electing him to lead the affairs of this esteemed Board for the next one year. He noted that their support will help in their shared dedication to advancing the vision and mission of the Bank.
“I must pay tribute to the exceptional leadership of our outgoing chairman, the Honourable Seedy Keita. Through his insightful and steadfast guidance, this board successfully navigated a year defined by extraordinary economic, geopolitical, and security challenges. His resilience, wisdom, and steadfast commitment have been instrumental to our progress during these trying times. We are privileged to carry forward the strong foundation he has established”, he said, paying tribute to the work of the Gambian finance minister.
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