By Mabinty M. Kamara

Sierra Leone is playing host to the ECOWAS Bank for Investment and Development (EBID) whose Board of Governors hold their Ordinary Meeting here today at the Radisson Blu Mammy Yoko Hotel.

EBID is the financial  arm  of ECOWAS (Economic Community of West Africa States) which is a regional bloc comprising 15 of the 16 countries in West Africa – excepting Mauritania.

EBID’s mandate is to intervene both in private and public sector development of its member states.

The Freetown meeting, which will last for just a day, will feature presentation of a financial statement to the Board for approval, as well as the election of the new President of the Bank.

Current President of the Bank, Nigerian Bashirr Mamman Ifo, has ended his three-year mandate.

Three candidates are reported to have been shortlisted, and the successful one will be announced by the end of the meeting. 

Sierra Leone’s Finance Minister, Jacob Jusu Saffa, is also expected to take over as Chairman of the Board of Governors of the Bank from Senegal’s Minister of Economy, Finance and Planning, Abdoulaye Daouda Diallo.

Muctarr Coulibaly, Secretary General of EBID, told press men on Saturday that the meeting was the most important gathering held in a year and that hosting right is rotational among the 15 member states, in alphabetical order.

“This year is Sierra Leone’s turn to host the meeting and to also lead the board of governors’ council,” he said.

Sam Aruna, Director of Multilateral Project Department in Sierra Leone’s Finance Ministry, said it meant a lot for Sierra Leone to host the meeting as it showed that the country was moving forward in terms of its membership in international organizations.

“As a regional bank, it means that capital of the bank will be able to flow in to this country as a means of intervention in our development aspirations in energy, infrastructural, and so forth,” he said.

Aruna noted that Sierra Leone had already benefitted a lot from its membership with EBID, citing the construction of Maritime House as one of the interventions of the Bank in the country. He explained that in 2006, the Government of Sierra Leone borrowed money from the bank not only to put up the structure but to also strengthen maritime administration in general, including the construction of jetties across the country.

Also with EBID support, the Sierra Leone government undertook the project of modernization of Sierratel

“We have written to this bank for resources to support the Science and Technology University in Kono and the Medical Diagnostic Center and we are hopeful that the resources will soon be used to implement those projects,” he said.

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