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EBID opens capital to non-regional member
The ECOWAS Bank for Investment and Development (EBID) opened its capital to the first non-regional entity, Arcode Europe Limited incorporated in the United Kingdom.
The equity participation agreement was signed at the headquarters of the Bank in Lome by the President of EBID, His Excellency Bashir Mamman IFO, and the President/CEO of Arcode Europe Ltd., Mr. Patrick MEYER, in the presence of senior officials of the Bank and the Chief Financial Officer of Arcode Europe, Professor Fidele Gaston PANOU.
The event marked the formal opening of EBID's Equity to partners outside the sub region in line with the Bank's Articles of Association which reserves seventy per cent (70%) of the equity to ECOWAS Member States and thirty per cent (30%) for subscription by non- regionals
The ECOWAS Bank for Investment and Development (EBID) is the financial arm of the Economic Community of West African States (ECOWAS) and is owned by the fifteen Member States of the Community namely; Benin, Burkina Faso, Cape Verde, la Cote d'lvoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.
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Arcode Europe is a private placement company registered under the laws of the United Kingdom. The company's mission is to fund projects supported by governments and has supported projects in sectors such as Agriculture, Education, Healthcare, Industries, Green Energies etc. Arcode Europe has partners in Brazil, China, France and Portugal.
EBID is allocating forty-five thousand (45000) shares representing fifteen (15%) of thirty per cent (30%) of the Bank's shares reserved for non- regional Members, to Arcode Europe Ltd.