The ECOWAS Bank for Investment and Development (EBID) has agreed to give a $ 20 million credit facility towards the construction of an ultra-modern shopping mall that would serve as a one-stop shop in Kumasi.

The signing of the loan agreement preceded the official launch of the project which will be executed in two phases.

Phase one of the project sited on a 13.8- acre land will involve the construction of a shopping mall, cinema and water park and is expected to be ready by December, next year.

EBID President, Bashir Ifo, said everything will be done to lift the people in the sub-region out of poverty and transform their economic situation.

Evidence of this, he said could be seen from the bank’s assistance in areas of infrastructure, agriculture and private sector development.

EBID has also promised to grow the economies and create jobs in the sub-region.

Since it began operation in 2004, it has made available a total of $1.77 billion towards the implementation of 177 projects in the member states, a fact-sheet detailing the operations of the bank revealed.

Mr Ifo indicated that the bank will fund development projects and programmes capable of fostering socio-economic development and regional integration is making progress.

He added that the bank is committed to taking bold action to strengthen its internal administrative and financial management to sustain it on the path of growth and stronger performance, he said.

He expressed satisfaction with the cost controls, efficient organisation of work and the increasing volume of the bank’s activities.

The Lome based ECOWAS Bank for Investment and Development (EBID),  is the financial institution established by the 15 Member States of the  Economic Community of West African States (ECOWAS)  comprising Benin, Burkina Faso, Cape Verde, Côte d’Ivoire,  The  Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo,.

The Bank is an international financial institution with two funding windows to promote private sector activities and fund the development of the public sector.