(Ecofin Agency) - The ECOWAS Development Bank prioritizes financial stability and aims to continue its operations in the region, regardless of the AES countries' plans to leave the community.

Despite political tensions within the Economic Community of West African States (ECOWAS), the region’s Bank for Investment and Development (EBID) continues its financial relations with Mali, Niger, and Burkina Faso. These three Sahelian countries, now members of the Alliance of Sahel States (AES), are in the process of leaving ECOWAS, but EBID remains committed to preserving partnerships with them. Importantly, they are still repaying their debts.

Dr. George Agyekum Donkor, President of EBID, highlighted this commitment during the 89th regular session of the bank’s board of directors, held on October 1, 2024, at the bank’s headquarters in Lomé, Togo.

“Regarding members of the Alliance of Sahel States, like Mali, Niger, and Burkina Faso, the bank continues to maintain strong business relationships with them despite political tensions,” Donkor said. He noted that Burkina Faso, for example, is up to date with its loan repayments, and Niger has also started paying its debts.

Donkor stressed that even if these countries leave ECOWAS, their debt repayment obligations will not be affected since EBID is a financial institution, not a political one. The future of the bank’s relationship with AES will depend on decisions made by ECOWAS heads of state if the separation happens.

EBID, established in 1999, had authorized capital of $3.5 billion at the end of 2023, with 70% of that held by regional shareholders, including the 15 ECOWAS member states. Together, AES countries accounted for 6.29% of the capital owned by member states.

Recently, Colonel Assimi Goïta, acting president of AES, announced plans for the creation of an investment bank and a stabilization fund. However, details about these institutions and their funding were not provided. Another major project announced is the introduction of new biometric passports for the Alliance, signaling a definitive move away from ECOWAS. This will likely lead to the halt of the production of ECOWAS-branded passports in the three countries.