ECOWAS Bank For Investment And Development (EBID) Signs $20m Agreement To Co-Finance The Kumasi Garden City Mall Project

The ECOWAS Bank for Investment and Development (EBID) represented by the Vice-President, Finance & Corporate Services, Dr. George Agyekum Nana DONKOR, signed a loan agreement today, July 21 2015, at the Golden Tulip Hotel in Kumasi, with Retail and Realty Ltd, Promoter of Garden City Mall Ltd, represented by Mr. Alex Bruks, Executive Chairman, Dalex Africa Group, to co-finance the construction of the first City Mall in Kumasi in the amount of $20 000 000.

EBID is the financial arm of the Economic Community of West African States comprising fifteen countries namely: Benin, Burkina Faso, Cape Verde, la cote d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.

The Bank was set up at the same time as the ECOWAS Commission on May 1975, to fund development projects and programmes capable of fostering socio-economic development within Member States, and integration among States within the framework of regional integration.

EBID has two funding windows for public and private sector operations respectively, and emerged from the transformation of the erstwhile Fund for Cooperation, Compensation and Development of the Economic Community of West African States (ECOWAS Fund).

At a colourful ceremony, the promoters, in partnership with the Methodist Church and the Asanteman Council launched the construction of the complex comprising a modern shopping mall, hotel and entertainment centre at Suame Roundabout, Kumasi.

The loan agreement was followed by the Ground Breaking and Sod Cutting ceremony conducted by the Presiding Bishop of the Methodist Church of Ghana, the Most Reverend Emmanual K. Asante, who was assisted by Nana Boakye Ansah Debrah, Asokore Mampong Hene who is also the Nifahene of Otumfuo Osei Tutu II.

Other dignitaries who attended the ceremony included the Mayor of Kumasi, Hon. Kojo Bonsu.