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The ECOWAS Bank

2ECOWAS BANK FOR INVESTMENT AND DEVELOPMENT (EBID)

MESSAGE FROMTHE PRESIDENT

he year 2012 was once again dominated by concerns about the course of the global economy. The global economic landscape became even more chal-lenging relative to the preceding year as global growth experienced a syn-chronized moderation in key economies. The slowdown of global economic

activity that was observed in 2011 continued in 2012, with economic growth standing at 3.3% against 3.8% in the previous year.

Efforts by some European countries to trim their public debt were the main area of global econo-mic attention.

In spite of the fact that the US economy showed signs of recovery, there continued to be long-term issues that will require difficult political solutions. The year also witnessed the Chinese Government stepping up efforts to rebalance its economy and shift towards domestic consumption.

Despite the difficult international economic environment, economic growth in West Africa continued to be robust, spurred by resilient domestic demand and high commodity prices. In 2012, West Africa achieved an economic growth rate of 6.9%, more than double the global rate and an increase over the 5.9% recorded by the region in 2011.

While the region’s performance is encouraging, there is a long way to go in ensuring that economic growth is shared. Governments must work to close income gaps within the region and work towards consolidating recent economic gains.

Consequently, the region needs to remain vigilant and maintain prudent policies to rebuild fiscal, monetary and external buffers in order to fend off global risks.

There is a need for our region to keep pace with global advances in innovation and technology to ensure the sustainability of our agriculture. This is especially important for sahelian countries within our region that are challenged by desertification, low water supply, and insufficient fertile land.

We need to invest in infrastructure and develop rules of the game that promote investment.

In all these objectives, EBID has a fundamental role to play. This will require the positioning of the Bank strategically to intervene in public as well as private sector projects to attend to the infrastruc-tural deficits in the region.

Bashir M. IFO The President

3ECOWAS BANK FOR INVESTMENT AND DEVELOPMENT (EBID) 2012 Annual Report

However, the Bank continued to be plagued by the absence of concessional resources and the slow payments of capital subscriptions by some Member States. As a result, after three years of execution of the 2010-2014 Strategic Plan, the main objectives of the plan are far from being achieved, owing to the lack of adequate resources.

Between 2009, the reference year of the current Strategic Plan, and December 31, 2012, total commit-ments rose by a 35% against a projected rate of 60%, owing largely to inadequate resources.

In 2012, the Board of Directors approved eighteen (18) projects amounting to UA 93.6 million (USD142.11 million). Also, 17 new commitments were signed in the amount of UA 90.6 million for projects in Benin, Cape Verde, Côte d’Ivoire, Guinea, Liberia, Niger and Togo.

The total net commitments of the Bank as at December 31, 2012 amounted to UA696.5 million (USD 1,057 billion) for 124 projects; 105 direct loans,13 equity participation and 6 guarantees.

Faced with growth in the volume of commitments and the need to finance national as well as regional projects, the Bank continued to mobilize resources within and outside the ECOWAS region. To this end, it intensified its engagements with bilateral and multilateral partners such as the African Deve-lopment Bank (AfDB), the French Agency (AFD), Industrial Development Corporation (IDC) of South Africa, Afrexim Bank, Turkey Exim Bank, Japanese International Corporation and Public Investment Corporation (PIC) of South Africa.

Concerning the issue of the ECOWAS Community Levy, the Bank remained engaged with the ECO-WAS Commission on the operationalization of the decision of Heads of State and Government during its 40th Session held on February 17, 2012 in Abuja, in the Federal Republic of Nigeria.

It is important to note that if EBID is to play a key role in regional growth and development, the Bank has to be properly resourced. This will require commitments from all stakeholders. This means that Member States should act in concert to ensure that the Bank is well funded. Also, the Bank should be seen by regional institutions and foreign partners as an important financial player within the sub-region.

I would like to conclude this message by expressing my profound thanks and appreciation to the entire staff of the Bank for the quality of work they continue to do and for their unflinching commit-ment to the Bank. I beseech you to remain ever more vigilant in the performance of your individual tasks, so that together we can all work for sustained regional growth and development.

ECOWAS BANK FOR INVESTMENT AND DEVELOPMENT (EBID)

ContentsMESSAGE FROM THE PRESIDENT 2

CONTENTS 4

EXCHANGE RATES 5

ACRONYMS & ABBREVIATIONS 6

LIST OF TABLES 7

LIST OF CHARTS 7

FACT SHEET 8

CHAPTER I: PRESENTATION OF THE ECOWAS BANK FOR INVESTMENT AND DEVELOPMENT 9

1.1. ESTABLISHMENT 10

1.2. VISION 10

1.3. MISSION AND OBJECTIVES 13

1.4. STRUCTURE OF THE BANK’S CAPITAL AS AT DECEMBER 31, 2012 11

1.5. DECISON-MAKING BODIES 12

1.6. HUMAN RESOURCES 13

CHAPTER II: REGIONAL AND INTERNATIONAL ECONOMIC ENVIRONMENT 15

2.1. INTERNATIONAL ECONOMIC ENVIRONMENT 16

2.2. THE ECONOMIC SITUATION OF THE ECOWAS REGION 18

CHAPTER III: ACTIVITIES UNDERTAKEN BY THE BANK 25

3.1. ACTIVITIES UNDERTAKEN BY THE DECISION-MAKING BODIES 26

3.2. ADMINISTRATIVE ACTIVITIES AND MODERNIZATION OF THE BANK 26

3.3. OPERATIONAL ACTIVITIES 29

3.4. COOPERATION AND RESOURCE MOBILIZATION ACTIVITIES 37

CHAPTER IV: FINANCIAL POSITION OF EBID AS AT DECEMBER 31, 2012 41

4.1. BALANCE SHEET AS AT DECEMBER 31, 2012 42

4.2. INCOME STATEMENT AS AT DECEMBER 31, 2012 43

4.3. ANALYSIS OF FINANCIAL AND PRUDENTIAL RATIOS 44

CHAPTER V: OUTLOOK 47

ANNEXES 51

4

ECOWAS BANK FOR INVESTMENT AND DEVELOPMENT (EBID) 2012 Annual Report5

2012 Annual Report

1 Unit of Account (UA) = 1 Special Drawing Right of IMF

1 UA = 1.518227 US Dollar

1 UA = 0.961342 Pound Sterling

1 UA = 1.510592 Canadian Dollar

1 UA = 1.214877 Euro

1 UA = 796.994210 CFAfranc

1 UA = 233.888997 Naira

1 UA = 2.883307 Ghana Cedi

1 UA = 144.231065 Escudo

1 UA = 46.177541 Dalasi

1 UA = 10513.414246 Guinean franc

1 UA = 6644.514323 Leone

1 UA = 114.146929 Liberian Dollar

PERIOD

January 1 - December 31, 2012 (Averages for the 4th Quarter)

EXCHANGE RATES

6

AFDB African Development Bank

AIB African Investment Bank

AIF Agence Intergouvernementale de la Francophonie

CEB Communauté Electrique du Bénin (Benin Electricity Community)

CGIF Cultural Industries Guarantee Fund

DEG German Development Agency

EBID ECOWAS Bank for Investment and Development

ECOMARINE West and Central African Shipping Company

ECOWAS Economic Community of West African States

EIB European Investment Bank

ERDF ECOWAS Regional Development Fund

ERIB ECOWAS Regional Investment Bank

ETI Ecobank Transnational Incorporated

EXIMBANK India Exim Bank of India

EXIMBANK USA Exim Bank of the United States of America

ICT Information and Communication Technology

IMF International Monetary Fund

MDG Millennium Development Goals

NEPA National Electric Power Authority (Nigeria)

NEPAD New Partnership for Africa’s Development

NTIC New Information Communication Technology

OECD Organization for Economic Cooperation and Development

PADEP ECOWAS Peace and Development Programme

SDR Special Drawing Rights

SFT Special Fund for Telecommunications

SPCAR Regional Airline Promotion Company

TF Telecommunications Fund

UEMOA West African Monetary Union

UN United Nations

WAPP West African Power Pool

WEO World Economic Outlook

ACRONYMS & ABBREVIATIONS

7

Table 1: Structure of the authorized capital of EBID as at 31/12/2012 (in UA million) 11

Table 2: Total Staff Of EBID As At December 31, 2012 13

Table 3: GDP growth rates between 2011 and 2012 17

Table 4: Major regional stock market indices between 2011 and 2012 20

Table 5: Exchange rates of currencies of the sub-region compared to the unit of account between 2011 and 2012 20

Table 6: Cost of projects appraised by sector of operation (public and private) in 2012 29

Table 7: Breakdown of approvals in 2012 by form of intervention 30

Table 8: Summary of new commitments in 2012 by form of intervention 31

Table 9: Trend of commitments between 2011 and 2012 per mode of intervention 31

Table 10: Sectoral breakdown of the total net commitments of EBID as at 31/12/2012 (in UA) 33

Table 11: Sectoral breakdown of the total commitments of EBID as at 31/12/2012 (in UA) 33

Table 12: Breakdown of the cumulative commitments of the bank by country between 2011 and 2012 (in UA) 35

Table 13: Loans outstanding as at December 31, 2012 (in UA) 36

Table 14: Balance sheet as at au December 31, 2012 (in thousands of UA) 42

Table 15: Income statement for the year ended December 31, 2012 (in thousands UA) 43

Table 16: Key aggregates as at December 31, 2012 (in million of UA) 44

Table 17: Financial ratios as at December 31, 2012 45

Table 18: Status of prudential ratios as at December 31, 2012 45

Chart 1: Apportionment of EBID’S subscribed capital 10

Chart 2: Trend of GDP growth rates between 2010 and 2012 10

Chart 3: Real growth rates of the economies of the sub-region between 2011 and 2012 12

Chart 4: Inflation rates (annual average) of the economies of the sub-region between 2011 and 2012 12

Chart 5: Current account balance of the economies of the sub-region between 2011 and 2012 12

Chart 6: Breakdown of financing granted in 2012 and forms of intervention 20

Chart 7: Trend of EBID’S net cumulated commitments from 2004 to 2012 (UA million). 21

Chart 8: Breakdown of the cumulative net commitments of EBID according to sector of intervention as at 31/12/2012 (%) 24

Chart 9: Trend of distribution of net cumulated commitments per sector of operation between 2011 and 2012 (in million UA) 24

Chart 10: Breakdown of the net commitments of EBID by member states as at December 31, 2012 (%) 25

LIST OF CHARTS

LIST OF TABLES


Date of establishment The Fund for Cooperation, Compensation and Development was established on 28th May, 1975. It started operations in 1979.

Shareholders The 15 Member States of ECOWAS: Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.

Vision The vision of the Bank is to become the leading regional development and investment financing institution in West Africa, and also serve as an effective tool for poverty reduction, wealth creation and employment promotion so as to raise the living standards of the people of the region.

Mission The Bank has been assigned the task of creating an enabling environment for the emergence of a strong, industrialized, prosperous West Africa that is fully integrated at the internal level and within the world economic system so as to enable the Community to benefit from the opportunities and prospects offered by globalization.

Transformation December, 1999: Transformation of the ECOWAS Fund for Cooperation, Compensation and Development into the ECOWAS Bank for Investment and Development (EBID), a holding company with two subsidiaries (ERDF and ERIB).

July 2003: entry into force of the Protocol establishing EBID, the Holding and two subsidiaries (ERDF and ERIB).

January, 2004: EBID becomes operational.

June 2006: Decision of the Heads of State and Government to re-organize the EBID Group into a single entity.

January, 2007: EBID is re-organized into a single entity with two windows (private sector and public sector).

October 2011: Decision of the Board of Governors to raise the Bank’s capital from UA 603 million1

to UA1 1 billion.

Capital as at 31/12/2012 Authorized: UA 1000.0 million Subscribed: UA 700.0 million

Called up: UA 392.7 million Paid: UA 142.1 million

Staff strength 31/12/2012 As at December 31, 2012, the total number of staff of the Bank was recorded at 139,

comprising 3 executives officers, 91 permanent staff and 45 contract staff.

Approvals Projects approved in 2012: 18 projects amounting to UA 93.6 million (US$ 142.1 million) were approved.

Total projects approved from 1979 to 2012: 201 projects for a total amount of UA 1.1 billion (US$ 1.7 billion)

Commitments in 20122 UA 84.8 million (US$ 128.8 million) in favour of 17 projects:

Loans: UA 82.5 million (97.3% of total);

Guarantees (commitment by signature): UA 0.0 million (0% of total);

Equity participation: UA 2.3 million (or 2.6% of total).

Total commitments 867.8 million (US$ 1381.7 million)

Total balance sheet as at 31/12/2012 UA 359.5 million (US$ 545.8 million)

1UA (Unit of Account) = 1 SDR (Special Drawing Right) of the International Monetary Fund (IMF)2Loan agreements signed during the year 2012

FACT SHEET


PRESENTATION OF THE ECOWAS BANKFOR INVESTMENT AND DEVELOPMENT

CHAPTER 1

10



1.1. ESTABLISHMENT

EBID emerged in 1999 following the transformation of the former ECOWAS Fund, which was established in 1975. EBID was initially organized as a holding company with two specialized subsidiaries namely:

• the ECOWAS Regional Development Fund which financed public sector projects;

• the ECOWAS Regional Investment Bank (ERIB) which focused on private sector projects.

The Protocol which established the Bank came into force in July 2003 and the Bank commenced operations on January 1, 2004.

However, by Decision A/DEC.3/06/06 dated June 16, 2006 the Authority of Heads of State and Government of ECOWAS decided to reorganize the EBID Group into one entity with two windows one of which is to fund the private sector whilst the other is assigned the task of financing the public sector. The Bank is headed by a President who is assisted by two Vice-Presidents responsible for Finance & Corporate Services and for Operations respectively. Thus, the initial objectives, vision and mission of the Bank were maintained. The Bank has been operating under the new structure since January, 2007.

1.2. VISION

The vision of the Bank is to become the leading regional development and investment financing institution in West Africa, and also serve as an effective tool for poverty reduction, wealth creation and employment promotion so as to raise the living standards of the people of the region.

1.3. MISSION AND OBJECTIVES

The Bank has been assigned the task of creating an enabling environment for the emergence of a strong, industrialized, prosperous West Africa that is fully integrated at the internal level and within the world economic system so as to enable the Community to benefit from the opportunities and prospects offered by globalization.

In accordance with Article 2 of its Protocol, the Bank seeks to:

• contribute to the realization of the objectives of the Community by supporting regional integration projects or any other development project under the private or public sector;

• contribute to the development of the sub-region by financing special programmes of the Community.

The ECOWAS Bank for Investment and Development (EBID), the financial arm of the Economic Community of West African States, is an international development finance institution. It has two windows, one of which finances private sector projects whilst the other provides funding for public sector projects.


1.4. STRUCTURE OF THE BANK’S CAPITAL AS AT DECEMBER 31, 2012

The authorized capital3 of EBID is UA 1 000 million (Units of Accounts) of which 70% is held by Member States whilst the remaining 30% has been set aside for subscription by non-regional investors.

As shown in the table below, EBID’s callable capital as at December 31, 2012 stood at UA 307.3 million, while its called up capital was recorded at UA 392.7 million, of which UA 142.1 million had actually been paid as at the end of December 2012, representing 36.7% of the called up capital or 14.2% of the authorized capital.

3This capital was raised at the sixth Extraordinary Meeting of the Board of Governors held in Accra on October 10, 2011 to UA 1 billion.

Table 1: Structure of the authorized capital of EBID as at 31/12/2012 (in UA million)

Item Amount(in million UA)

Portion(in % of the authorized capital)

Authorized capital 1000.0 100.0 %Subscribed capital 700.0 70.0 %Called up capital 392.7 39.3 %Paid capital 142.1 14.2 %Not yet paid capital 250.6 25.1 %Callable capital 307.3 30.7 %

12



1.5. DECISON-MAKING BODIES

EBID has a Board of Governors and a Board of Directors. Currently, only ECOWAS Member States are represented on the two Boards.

1.5.1. The Board of Governors

In accordance with the EBID Protocol, the Board of Governors is the highest decision making body. It has broad powers in terms of the control, management, operations and the administration of the Bank. Each shareholder is represented on the Board of Governors by a substantive Governor and an alternate. The substantive Governors are the Ministers of Finance and Regional Integration of Member States.

The Board of Governors elects the Board of Directors, to which it delegates powers excluding those specifically reserved for the Board of Governors.

1.5.2. The Board of Directors

The Board of Directors of EBID comprises nine (9) members who are neither Governors nor Alternate Governors, and the President of EBID, who is also the Chairman of the Board of Directors. The members of the Board of Directors are elected by the Board of Governors. The duration of the term of office of the Directors is two (2) years, renewable once.

The list of the members of the Board of Directors as at December 31, 2012 is presented in Annex 1.

Chart 1: Apportionment of EBID’s Subscribed Capital

As at December 31, 2012, only regional shareholders had subscribed to the capital of the Bank, the struc-ture of which is as follows:

Sierra Leone4.19%

Guinea Bissau1.43%

Guinea 2.76%

Liberia 6.38%Mali 1.81%Niger 2.00%

Benin 2.86%Togo 3.43%

Senegal 7.52%

Burkina Faso2.48%

The Gambia2.48%

Ghana 15.71%Nigeria 31.24%

Cape Verde0.95%

Cote d’Ivoire17.76%


1.6. HUMAN RESOURCES

As at December 31, 2012, the staff strength of the Bank was recorded at 139, of which 3 were executive officers, 91 permanent employees and 45 contract employees.

Regarding movements, the following were recorded during the period under review:

- a new Vice President for Finance and Corporate Services was appointed;

- two new professional staff were recruited following the recruitment process, while two professional staff resigned their posts;

- six new contract staff members were recruited while the services of two of them were done away with.

Staff movement as described above is captured in the table below:

Table 2 : Total staff of EBID as at December 31, 2012

Socio-professional categoryStaff complement

31/12/2011 Recruitments Departure 31/12/2012

PRESIDENT 1 0 0 1

VICE-PRESIDENT 1 1 0 2

EXECUTIVE OFFICERS 2 1 0 3

PROFESSIONAL STAFF (P and D) 41 1 2 40

SUPPORT STAFF (G and M) 51 0 0 51

PERMANENT STAFF 92 1 2 91

CONTRACT STAFF 42 6 3 45

Total 136 8 5 139

The organization chart of the Bank is attached as Annex 2.

REGIONAL AND INTERNATIONALECONOMIC ENVIRONMENT

CHAPTER 2

REGIONAL AND INTERNATIONAL ECONOMIC ENVIRONMENT


2.1. INTERNATIONAL ECONOMIC ENVIRONMENT

The slow-down of the global economic situation observed in 2011 continued in 2012 with a global economic growth of 3.3% as against 3.8% in the previous year, owing to the persistence of economic and financial difficulties that prevailed in all the developed countries.

Activity in the developed economies slowed down notably with the intensification of the crisis in the euro zone. Advanced economies were expected to record a growth of 1.3% in 2012 as against 1.6% in 2011. This low growth and the uncertainty in the economies of the developed countries impacted on the emerging markets and on developing economies through trade and financial channels.

Chart 2 : Trend of GDP growth rates between 2010 and 2012 (%)

Source : IMF, WEO October 2012 and April 2013

Growth of the US economy remained sluggish in 2012, although relative to 2011 it improved by 0.4 percentage points to settle at 2.2 % from a rate of 1.8 %. The labour market and consumption have still not fully recove-red. Furthermore, the budget deadlock in which the American economy was stuck was not resolved in 2012. On the whole, this deadlock for which there would be the need for a balancing act between tax increase and reductions in public expenditure in order to finance the budget deficit had an unfavourable impact on the American economy and on the financial market in particular.

In the euro zone, real GDP was expected to drop from 1.4% in 2011 to 0.4% in 2012. The decline in production engendered a slow-down of growth in several other developed countries. The crisis heightened in 2012 despite the bail-out packages put in place by the public authorities, attributable to the significant turmoil on the capital markets owing both to the uncertainties relating to the sovereign debt and the deterioration of economic outlook. The austerity measures put in place in response to this situation only weakened further the growth prospects and labour market recovery. New interventions have been decided with a view to addressing the situation, notably, regarding the restructuring of the banking sector in Spain for which the sovereign rates reached unprecedented level, setting up of a common surveillance mechanism and greater involvement of the European Central Bank and the European Stabilization Fund in the financial stabilization of the zone.

3.0%

1.6%

1.3%

3.3%3.8%

5.1%

7.4%

6.2%

5.3% 5.3%5.1% 5.0%

2010

2011

2012

PIB Afriquesubsaharienne

PIB Pays émergentset en

développement

PIB Pays avancésPIB Mondial0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

World GDP GDP of developed countries GDP of emerging anddeveloping countries

GDP of sub-Saharan Africa


Between 2011 and 2012, the Japanese economy grew slightly, from -0.80 % in 2011 to 2.2% in 2012, fol-lowing a dip in growth experienced after the earthquake which occurred in March, 2011.

Table 3 : GDP growth rates between 2011 and 2012 (%)

Country/ ZoneActual growth rate %

2010 2011 2012

World GDP 5.1% 3.8% 3.3%

GDP of developed countries 3.0% 1.6% 1.3%

United States 2.4% 1.8% 2.2%

Euro zone 2.0% 1.4% -0.4%

Japan 4.5% -0.8% 2.2%

United Kingdom 1.8% 0.8% -0.4%

GDP of emerging and developing countries 7.4% 6.2% 5.3%

Asia 9.5% 7.8% 6.7%

China 10.4% 9.2% 7.8%

India 10.1% 6.8% 4.9%

GDP of Sub-Saharan Africa 5.3% 5.1% 5.0%

Source : IMF, World Economic Outlook October, 2012

The emerging and developing countries that recorded a GDP of 6.20% in 2011 and 5.30% in 2012 have continued to drive global economic recovery, despite a slight decline in activities stemming mainly from inadequate production capacities and a decline in demand from developed countries. Furthermore, the relaxation of monetary and budgetary policies in those countries boosted growth and production, thereby inducing net progression of employment and consumption.

On the whole, growth has remained robust in Sub-Saharan Africa despite a weak global economic environment. According to the IMF, GDP dropped slightly to 5.0% in 2012 as against 5.1% in 2011, with mixed performances across countries.

Whilst most middle income countries recorded solid growth rates, performance of low income countries and those affected by drought and political instability on average was largely in line with the pattern of the global economy. Commodity prices dropped in 2012 in line with the slowdown of the global economy, particularly in the developed countries with a negative impact on demand in the emerging and developed countries. Thus, regarding the major commodities of the sub-region, prices4 varied as follows between 2011 and 2012: cotton (-42.3%), coffee (-31.3%), sugar (-18.3%), cocoa (-20.2%), uranium (-13.0 %), aluminum (-15.7%) and gold (23.4%).

On the crude oil market, prices firmed up mainly as a result of supply trends and geopolitical tensions which were heightened during the year. Thus the prices of crude oil continued to follow the upward trend observed in the previous year, rising from US$111.0 /barrel in 2011 to US$112.0/barrel in 2012.

According to the World Bank5,global inflation remained largely contained at 3.9%, albeit with varying result from one economic zone to the other. In the advanced countries, inflation rose by 1.93% whilst in the emerging and developing countries it hovered around 6.13%.

4FMI - Table 3. Actual Market Prices for Non-Fuel and Fuel Commodities, 2010-20125World Bank - Global Economic Prospects January 2013



2.2. THE ECONOMIC SITUATION OF THE ECOWAS REGION

At the regional level, economic growth was consolidated in 2012 despite a slowdown in global growth. Economies of the ECOWAS region grew on average by 6.6 % in 2012 against 5.9 % in 2011, confirming the dynamism the West African economy has known.

The resumption of robust growth of the regional economy is on account of the acceleration of growth in the countries that recorded increase in the exportation of natural resources such as iron ore in Sierra Leone, uranium and crude oil in Niger, as well as other factors such as the economic recovery in Côte d’Ivoire following the return of peace.

According to forecast in the International Monetary Fund5, except for The Gambia, Guinea Bissau and Mali, all the countries of the sub-region recorded increases in their real GDP growth rates between 2011 and 2012. Out of the fifteen countries, nine recorded growth rates of at least 5% in 2012. These include: Benin (5.4%), Togo (5.9%), Burkina Faso (9.0%), Nigeria (6.5%), Côte d’Ivoire (9.8%), Ghana (7.1%), Liberia (8.7%), Niger (10.8%), and Sierra Leone (15.2%).

Chart 3: Real growth rates of the economies of the sub-region in 2011 and 2012 (%)

Notwithstanding the rise in the price of crude oil, inflation was contained in 2012. Thus, apart from Sierra Leone, Guinea and Nigeria that recorded double digit inflation rates, the inflationary trend remained moderate in most of the countries in the sub-region in 2012, varying between 0.5% in Niger and 15.2% in Guinea. However, the continuous rise in the prices of food items, exacerbated by unfavourable climatic conditions is still a real threat to growth in West Africa, since this undermines the purchasing power of the people and consequently their well-being as well as the disparity factors across countries.

5IMF –World Economic Outlook, April 2013

9.0

5.43.5

5.1 4.33.3

6.3

14.4

7.1

3.9 3.95.3

8.2

2.7

-1.2-0,9

8.710.8

7.4 6.5

3.52.1

6.3

15.2

4.8 5.9

-4.3

9.8

5.0

0,0

-5,0

-10,0

Benin

Burkina Faso

Cape verde

Côte d’Ivoire

the Gambia

Ghana

Guinea

Guinea-Bissau

Liberia MaliNiger

Nigeria

SenegalTo

go

Sierra Leone

5,0

10,0

15,0

20,0

20122011

2.3


Chart 4: Inflation rates (annual average) of the economies of the sub-region between 2011 and 2012 (%)

Apart from Nigeria, which posted a positive current account balance due to favourable crude oil prices, most of the countries of the sub-region recorded current account deficits.

Chart 5: Current account balance of the economies of the sub-region between 2011 and 2012 (%)

On the whole, the performance of stock exchanges in the sub-region were consolidated when compared with the situation in 2011.

-10.0-9.8

-4.7

-16.0-11.1

-1.8

-15.3

-1.1 -1.1

-34.1

-20.5-17.0

-12.6-9.2

12.9

-6.1

-17,7

-9.8-7.9-7.0

-20.8

-7.9

-52.9

-24.7

-6.1

-36.7

6.6

-3.4

-34.1

2.6

0.0

-10.0

-20.0

BeninBurkina Faso

Cape verde

Côte d’Ivoire

The Gambia

Ghana

Guinea

Guinea-Bissau

Liberia

MaliNiger

Nigeria

Senegal

Togo

Sierra Leone10.0

20.0

40.0

50.0

60.0

30.0

20122011

3.6

6.7

2.7 2.8 2.54.4 4.9

8.7 8.8

21.4

15.2

5.3

8.2

3.0 2.9

5.7

2.1

8.7

0.5

10.812.0

1.43.4

11.4

16.1

1.5 2.61.3

4.94.5

0.0

25.0

Benin

Burkina Faso

Cape verde

Côte d’Ivoire

The Gambia

Ghana

Guinea

Guinea-Bissau

Liberia MaliNiger

Nigeria

SenegalTo

go

Sierra Leone

5.0

10.0

15.0

20.0

20122011



Table 4: Major regional stock market indices between 2011 and 2012

Stock Exchanges Indices Dec. 2011 Dec. 2012 Var. (%)

Nigeria Stock Exchange (NSE) NIG ALSI 20731 27867 34%

Ghana Stock Exchange (GSE) GSE CI 969.03 1188.3 23%

BRVM Indice Composite 158.49 166.58 5%

Source: Regional Stock Exchanges

The performance of the various currencies against the Unit of Account varied in 2012. Except for the CFA F, the Cedi, the Escudo and the Dalasi, the other currencies appreciated vis-à-vis the unit of account.

Table 5: Exchange rates of currencies of the sub-region compared to the Unit of Account between 2011 and 2012

Currencies 2011 2012 Var %

UA / USD 1.59219 1.518227 -4.6%

UA /EUR 1.127833 1.214877 7.7%

UA /CFA F 739.809623 796.99421 7.7%

UA / NAIRA 240.941876 233.888997 -2.9%

UA / CEDI 2.399911 2.883307 20.1%

UA /ESCUDO 124.24293 144.231065 16.1%

UA/ DALASI 45.190847 46.177541 2.2%

UA /F GUI 10740.97955 10513.41425 -2.1%

UA /LEONE 6988.800258 6644.514323 -4.9%

UA /$ LIBER 115.617461 114.146929 -1.3%

Source: EBID / Audit Department & IMF

A summary of recent developments in each of the economies of the sub-region is presented as follows:

Benin recorded a growth of 5.4% in 2012 against 3.5% in 2011, on account of increased cotton production during the 2011/2012 farming season. Benin has very close links with Nigeria from where a significant volume of its petroleum products is obtained. The reduction of fuel subsidies in Nigeria at the beginning of 2012 engendered a high acceleration of inflation.

In Burkina Faso, the economy grew by 9% in 2012 on the back of improved agricultural productivity. However, reduced supply of foodstuff and the increase in the price of petroleum products elevated inflationary pressure, which subsided towards the end of the year.

Cape Verde recorded a growth rate of 4.3% in 2012 as against 5.0% in 2011. In 2012, the country embarked upon structural reforms aimed at improving the tax regime, the management of public finances and enhancing transparency as well as the execution of monetary policy, which are all essential to support economic growth and competitiveness.


Box 1: Macro-economic indicators of ECOWAS countries

CountryGrowth rate Of actual GDP (%)

Annual average inflation (%)

Current balance (% of the GDP)

GDP per capita (US dollar)

2011 2012 2011 2012 2011 2012 2011 2012

Benin 3.5 5.4 2.7 6.8 -10.0 -9.8 802.9 794.4

Burkina faso 5.1 9.0 2.8 3.8 -1.1 -4.7 601.0 602.8

Cape Verde 5.0 4.3 4.5 2.5 -16.0 -11.1 3660.9 3603.9

Côte d'Ivoire -4.7 9.8 4.9 1.3 12.9 -1.8 1062.1 1053.9

The Gambia 3.3 6.3 4.4 4.9 -15.3 -17.0 508.3 503.0

Ghana 14.4 7.1 8.7 8.8 -9.2 -12.6 1579.7 1562.2

Guinea 3.9 3.9 21.4 12.8 -20.5 -34.1 483.9 518.9

Guinea-Bissau 5.3 -0.9 5.1 2.1 -1.1 -6.1 626.1 551.1

Liberia 8.2 8.7 8.5 6.9 -34.1 -36.7 397.4 436.4

Mali 2.7 -1.2 3.0 5.3 -6.1 -3.4 672.9 631.3

Niger 2.3 10.8 2.9 0.5 -24.7 -17.7 406.3 408.3

Nigeria 7.4 6.5 10.8 12.0 3.6 6.6 1521.7 1631.0

Senegal 2.1 3.5 3.4 3.4 -7.9 -9.8 1132.7 1057.3

Sierra Leone 6.3 15.2 16.1 12.9 -52.9 -20.8 482.3 613.5

Togo 4.8 5.9 1.5 3.4 -7.0 -7.9 599.6 584.6

ECOWAS 5.9 6.6 9.2 9.4

Source: IMF – Global Economic Perspective, April 2013 / Ecowas Commission

Between 2011 and 2012, the macro-economic framework was marked by a consolidation of economic growth, relative price tension and a slight progression of the GDP per capita. For instance, Cape Verde, the least populated country has the highest GDP per capita (USD 3660.9) which is close to nine times that of Niger (USD 408.3) and more than twice that of Nigeria (USD 1631.0), the most populated country with half the population of the zone.



In Côte d’Ivoire, economic recovery appeared to be on the horizon. With the resolution of the political and military crises in the country that affected economic activities, the country has been implementing programmes and policies to put it back on the path of rapid economic recovery. Economic performance in the first half of 2012 exceeded projection and led to adjustment of economic growth from 8.1% to 9.8%. The disinflationary trend was expected to continue, with the rate of inflation substantially subsiding to 1.3 % against 4.9% in 2011. In June, 2012, the country obtained the approval of the World Bank and of the International Monetary Fund relating to a debt relief of USD 4.4 billion in current value, having reached the HIPC Completion Point.

Owing to the combined impact of disruptions in tourism and transfers (seriously affected by the global crisis) and the adverse weather conditions that impacted on the agriculture sector, real GDP growth of The Gambia is expected to drop to 6.3% in 2012. Inflation, which has been decling annually is expected to average between 4.4 % and 4.9 % within a context of prudent monetary policy carried out by the Central Bank of the Gambia.

After a highly commendable economic performance in 2011, with a growth rate of 14.4% and single digit inflation, the Ghanaian economy recorded a decline in its real GDP which is expected to stand at 7.1% in 2012. The country is facing risks of stabilization of the macro-economic framework, owing to the strong progression of imports. Notwithstanding the dynamism in exports, the current account deficit exceeded 12% of GDP in 2011, thereby engendering a sharp depreciation of the cedi and also, subsequently affecting local prices. Inflation was expected to stand at 8.7% in 2012 as against a level of 8.7% the previous year.

In Guinea, real GDP growth is expected to stabilize at 3.9% in 2012. Also, on account of prudent monetary policy, inflation substantially subsided in 2012, to settle at 15.2%, from 19 % in the previous year. In the medium term, the Government’s priorities would include reduction of inflation and development of its abundant natural resources as the main sources of growth, employment and poverty reduction.

Guinea Bissau has made significant progress in stabilizing its economy. Economic growth reached 5.3% in 2011, thanks to exceptional prices of cashew-nut (the major export produce) and a good harvest of cashew nut. For the year 2012, economic growth initially projected at 4.5% was reviewed downward to -0.9% following the political and military crisis of April 12, 2012 and the decline in the production and exportation of cashew nut. Inflation stood at 2.1% in 2012.

The Liberian economy is on the growth path and the medium term economic prospects are favourable. Real economic growth is expected to stand at about 8.7% in 2012, driven by the sustained strong growth in the mining sector and rising activity in the construction and other services sector. Inflation averaged 7.7 % in 2012, from 8.5 % in 2011.

In Mali, the country’s medium term macro-economic prospects were favourable prior to the beginning of the political crisis. Real GDP growth, initially projected to be more than 5% and spurred by activities in the agricultural sector and gold production, is now expected to moderate to -1.2 %; and inflation is projected to edge up slightly to 5.7 % in 2012 against 3% in 2011.

22

ECOWAS BANK FOR INVESTMENT AND DEVELOPMENT (EBID) 2012 Annual Report23

2012 Annual Report

After a year of acute food scarcity, real GDP growth in Niger improved rapidly at the end of 2011, on account of an excellent harvest and the expansion of services related to agriculture. Real GDP growth is expected to improve remarkably to 10.8% in 2012, spurred by the commissioning of new oil project and increased activity in the mining sector as against 2.3% in 2011.

Economic growth remained strong in Nigeria, with real GDP estimated at 6.5% in 2012 within a context of light inflationary trend engendered by the increase in the price of petroleum products (12% in 2012 as against 10.8% the previous year).

In Senegal, economic activity is expected to be consolidated. Real GDP is expected to rise to 3.5% against 2.1% in 2011. Inflation is also expected to remain below 2% in 2012.

Sierra Leone has experienced accelerated economic growth in the last two years, largely owing to the expansion of mining, agriculture, services and construction activities. Real GDP grew at an astonishing 17.9%, boosted by heightened activities in the mining sector. Also, inflationary pressure subsided owing mainly to a sharp decline in prices of non-foodstuff items, restrictive guidelines on monetary policy and exchange rate stability.

In Togo, following the reforms embarked upon by the Government, the macroeconomic environment has improved considerably. Inflation has largely been contained and public financial management has been enhanced. Real GDP is expected to grow by 5.9% at the end of December, 2012 as against 4.8% in 2011.



ACTIVITIES UNDERTAKEN BY THE BANK

CHAPTER 3



3.1. ACTIVITIES UNDERTAKEN BY THE DECISION-MAKING BODIES

3.1.1. Board of Governors

During the period, the Board of Governors of the Bank held its 10th ordinary session in Conakry, Republic of Guinea on August 24, 2012.

At this ordinary session, the Governors adopted resolutions relating to the governance of the Bank, the approval of accounts of EBID for the year ended December 31, 2011, and approval of the 2011 Activity Report of EBID.

The Board equally took note of the status of execution of the tasks assigned to Management of the Bank at its 6th extraordinary meeting held on October 10, 2011 in Accra, the progress report on EBID as at June 30, 2012, the status of execution of the line of credit extended to EBID by the Indian Government and the conclusions of deliberations of the 34th, 35th, 36th and 37th meetings of the Board of Directors held respec-tively on October 28, 2011, December 22, 2011, April 24, 2012 and July 31, 2012.

The main resolutions adopted are presented in Annex 3.

3.1.2. Board of Directors

Between January 1, 2012 and December 31, 2012 the Board of Directors of EBID held four ordinary sessions (36th , 37th , 38th and 39th sessions), respectively on April 24, July 31, October 30 and December 20, 2012 in Lomé, Togo.

During these sessions, Directors approved the financing of eighteen (18) projects. They also considered and adopted several resolutions, relating among others, to the financial statement for the year ended Decem-ber 31, 2011, the 2011 Activity Report, the appointment of the Vice-President in charge of Finance and Cor-porate Services, and the 2013 budget of EBID.

The main resolutions adopted are summarized in Annex 4.

3.2. ADMINISTRATIVE ACTIVITIES AND MODERNIZATION OF THE BANK

3.2.1. Human Resource Management

In line with its human resources management policy, the Bank took the following initiatives during 2012:

• the continuation and finalization of the process of recruitment of twenty(20) professional staff members which started in December, 2011. At the end of the process, nine (9) professional staff members were recruited. One of them assumed duty in December, 2012;

• the gradual clearing of the outstanding leave accumulated by staff. This process is in progress under the supervision of the Department of Internal Audit and Evaluation of Operations.

Futhermore, the Bank, in line with its operational capacity building policy, initiated individual as well as group training programmes for the benefit of staff.


The training programmes related mainly to the following themes:

• Stock Management and procurement Logistics;

• Financial rating in West Africa;

• Effective practice of Computer audit in the Bank;

• Human Resource Management; and

• Deployment of new HRM modules.

Regarding group training, it involved all the staff members and focused on corporate governance and on Microsoft office.

3.2.2. Status of the Implementation of the Rehabilitation of the Headquarters Building

The Board of Directors of the Bank on December 21, 2010 approved a budget in the amount of UA 4.7 million or CFA 3.7 billion to rehabilitate the headquarters of EBID.

The rehabilitation is to be carried into four (4) phases as stated below:

- phase 1: general studies and design of works to be carried out and preparation of the invitation to tender documents;

- phase 2: publication of invitation to tender, receiving, opening and award of contracts;

- phase 3: execution of works, supervision of execution;

- phase 4: reception of works and handing over of documentation indispensable for the operation and the technical management of the building.

To date, the first two phases have been completed and work has begun on the third phase.



3.2.3. Modernization of the Information System

The Board of Directors approved Management’s initiative to modernize the Bank’s Information Communication and Technology infrastructure. The initiative envisages equipping EBID with an efficient, reliable, secured and upgradable information system. The project will lead to the construction of the entire information system of the Bank, renovation of existing infrastructure, amongst others.

The implementation of the master plan started in 2010 with the restructuring of the application software for the financial management of the Bank.

To date, the following major actions have been achieved:

• Migration to a new information network;

• Installation of new computers;

• Installation of various software packages;

• Replacement of the application platform of the Bank;

• Configuration of work stations in accordance with the required security norms.

Furthermore, the French Development Agency (AFD) has pledged to grant in addition to the on-going technical assistance, a supplementary financing meant for the recruitment of a Computer Expert who would be responsible for defining an information system policy and a new 2013-2017 master plan and its implementation. This would consolidate achievements of the previous master plan as well as the outlook of the Bank. The relevant terms of reference have been validated and the funding request forwarded to the AFD.

3.2.4. Strengthening Governance

In an effort to strengthen governance at the Bank, a number of measures were taken during the period under review, notably to enhance human resource management, and strengthen the Risks, Credit and Audit committees of the Bank. The measures taken included the revision of the Articles of Association, consideration of the policy on equity participation, the General Conditions and Procedures of the Cultural Industries Guarantee Fund (CIGF); the draft policy and procedures for clearing of debt; the policy for the recruitment of Young Graduates, the draft amendment to the service contract of the President and the Vice-Presidents and the draft policy on staff loans as well as the consideration of audit reports.

During the period under review, the Department of Audit and Evaluation of Operations carried out audits of the documentation center, annual leaves and social services of staff, the organization and handling of the meetings of the Board of Directors and the Board of Governors, as well as the guarantees received in respect of private sector loans. Also, towards rationalization of the utilization of the resources of the Bank and the coordination of the supervision of projects financed, the Department also carried out four audit and evaluation missions for projects in Togo (3) and Ghana (1).


3.3. OPERATIONAL ACTIVITIES

In 2012, operational activities undertaken by the Bank related mainly to identification of viable projects, appraisal of projects, approval of loans, signing of financing agreements and supervision of projects.

3.3.1. Project Appraisals

During the period, twenty three (23) projects were appraised, of which ten (10) were public sector projects and thirteen (13) private sector projects. The public sector projects amounted to UA 49.4 million (USD 75 million), corresponding to 36.2% of the total resources to be provided by the Bank while the private sector projects amounted to a total of UA 87 million or USD 132.1 million, corresponding to 63.8 % of the total cost of projects.

Table 6: Cost of projects appraised by sector of operation (public and private) in 2012

Num Amount (UA) Amount (USD) %

PUBLIC 10 49 397 728 74 996 965 36.2%

PRIVATE 13 86 998 255 132 083 100 63.8%

Total 23 136 395 983 207 080 065 100%

The details of evaluated projects are presented in Annex 5.

Furthermore, the Bank is a co-arranger for the mobilization of CFA F 135 billion in respect of a private project (project for construction of a 3582 MW 5NET combined power cycle thermal station for Star ENERGY-2073) with regional impact for electricity production.

3.3.2. Project Supervision

To minimize and eliminate risks inherent in the implementation of projects, the Bank reinforced the supervision of active projects in its portfolio. Accordingly, twenty (20) projects were supervised of which eleven (11) were from the public sector and nine (9) from the private sector.

The list of supervised projects is summarized in Annex 6.

Also, the Bank embarked on a recovery mission following the liquidation of Société Nouvelle des Grands Moulins du Burkina (SN GMB).



3.3.3. Loan Approvals

In 2012, the Board of Directors of EBID approved eighteen (18) projects totaling UA 93 618 629 (USD 142.1 million), as indicated in Annex 7.

The approval of these new projects brings financing from January 1, 2004 (the effective date of commencement of EBID’s operational activities), to UA 996.6 million (USD 1.50 billion), representing the cumulative amount approved by the Board of Directors, for the financing of 156 projects, which included 124 direct loans to Member States of the Community, corresponding to close to 80% of these entire financing operations.

Table 7: Breakdown of approvals in 2012 by form of intervention


PUBLIC 8 38 944 053 59 125 913 41.60%

LOAN 8 38 944 053 59 125 913 41.60%

PRIVATE 10 54 674 576 83 008 417 58.40%

LOAN 10 54 674 576 83 008 417 58.40%

EQUITY PARTICIPATION 0 0 0 0.00%

GUARANTEE 0 0 0 0.00%

Total 18 93 618 628 142 134 330 100.00%

3.3.4. Loan Agreements

During the period under review, seventeen (17) loan agreements in the amount of UA 84.8 million ( USD128.9 million) were signed for projects in Benin, Cape Verde, Cote d’Ivoire, Guinea, Liberia, Mali, Niger, and Togo.

When compared with 2011 where these stood at UA 106 million for 15 projects, the new commitments in 2012 dropped by 27.4% owing mainly to the fall in the volume of public sector financing, (-51.6%) due to inadequate resources. A disaggregation of the projects by sector showed that 41.6 % of the projects went to the public sector while 58.4% went to the private sector.

The details of loan agreements signed are presented in Annex 8.

Chart 6: Breakdown of financing granted in 2012 and forms of intervention

Guarantees0%

Loans97%

Equity participation3%


The summary of new commitments is provided in Table 8 below.

Table 8: Summary of new commitments in 2012 by form of intervention


PUBLIC 6 33 466 616 50 809 920 39.45%

LOAN 6 33 466 616 50 809 920 39.45%

PRIVATE 11 51 366 587 77 986 139 60.55%

LOAN 8 49 042 944 74 458 322 57.81%

EQUITY PARTICIPATION 3 2 323 643 3 527 818 2.74%

GUARANTEE 0 0 0 0.00%

TOTAL 17 84 833 203 128 796 059 100.00%

3.3.5. Commitments of EBID as at December 31, 2012

3.3.5.1. Commitments

At the end of December 2012, the total commitments of the Bank in favour of the Member States of the Community, for 124 on-going projects, amounted to UA 696 466 093 (US$ 1 057 393 627) as against UA618 988 453 (USD 985 547 225) at December 31, 2011, representing an increase of 12.5 %.

Detailed commitments can be found in Annex 9.

Table 9: Commitments between 2011 and 2012 by mode of intervention

Type of Transaction 2011 2012 % commitment

LOAN 555 137 042 638 184 029 15.0%

EQUITY PARTICIPATION 23 490 655 26 665 112 13.5%

GUARANTEE 40 360 756 31 616 952 -21.7%

TOTAL 618 988 453 696 466 093 12.5%



In the past ten (10) years, the Bank has multiplied its commitments by almost six (6) folds. The level of net cumulated commitments rose from UA 121 million in 2004 to UA 696 million at the end of 2012 as presented in the chart below.

Chart 7: Trend of EBID’s net cumulated commitments from 2004 to 2012 (UA million).

3.3.5.2. Breakdown of Commitments

a by type of financing

EBID continued to channel more of its interventions into infrastructure projects in all sectors, especially electricity grid interconnection, construction of inter-State roads, rehabilitation or provision of new equipment for ports, opening up of rural areas and development of digital coverage. As at the end of 2012, infrastructure projects accounted for 65.8% of the net commitments of the Bank as indicated in the chart below.

Chart 8: Breakdown of the cumulative net commitments of EBID by sector of intervention as at 31/12/2012 (%)

187

286

385

519

146121

2004 20122011201020092008200720062005

551619

696

-

100

200

300

400

500

600

700

800

Social 5.3%Services 14.3%

Infrastructure 65.8%

Industry 11.5%

Development 2.4%


As shown in table below, all the sectors benefited from financing in the year 2012.

Table 10: Sectoral breakdown of the total net commitments6 of EBID as at 31/12/2012 (in UA)

MODE OF INTERVENTION Sector

2011 2012 Variation (%)

Num Amount Num Amount Num Amount

Loans

Infrastructure 59 402 537 599 65 443 608 435 10.2% 10.2%

Rural development 6 14 750 308 7 21 488 624 16.7% 45.7%

Industry 8 50 534 106 12 63 142 055 50.0% 24.9%

Services 14 56 610 730 16 72 854 798 14.3% 28.7%

Social 4 30 704 299 5 37 090 117 25.0% 20.8%

Total loans 91 555 137 042 105 638 184 029 15.4% 15.0%

Equity

participation

Services 10 23 490 655 13 26 665 112 30.0% 13.5%

Total Participation 10 23 490 655 13 26 665 112 30.0% 13.5%

Guarantees

Infrastructure 3 20 678 311 3 14 573 337 0.0% -29.5%

Industry 3 19 638 926 3 17 043 615 0.0% -13.2%

Services 1 43 519 - - -100.0% -100.0%

Total Guarantees 7 40 360 756 6 31 616 952 -14.3% -21.7%

Commitments 108 618 988 453 124 696 466 093 14.8% 12.5%

As at December 31, 2012, the total commitments of EBID in favour of public sector projects amounted to UA 434 729 459, representing 62.4% of the total net commitments of the Bank. With regard to supporting development and promotion of the private sector, the Bank provided a total amount of UA 261 736 634 (or 37.6% of total net commitments) to support 58 projects in its portfolio.

Table 11: Sectoral breakdown of the total commitments of EBID as at 31/12/2012 (in UA)

Area of intervention Number Amount in UA Amount in USD % Commitment

Public sector 66 434 729 459 660 018 002 62.4%

Private sector 58 261 736 634 397 375 625 37.6%

Total 124 696 466 093 1 057 393 627 100%

In 2012, the Bank’s assistance to the public and private sectors rose by 9.2% and 18.6% respectively compared with the levels recorded on December 31, 2011.

6Total net commitments = Commitments in respect of on-going projects



Chart 9: Trend of distribution of net cumulated commitments by sector of operation between 2011 and 2012 (in million UA)

a by country:

Even though all Member States of the Community benefitted from the assistance of EBID, the breakdown of net cumulative commitments, as presented in the table below, shows a concentration of the Bank’s assistance in the following countries : Côte d’Ivoire (18.2%), Benin (13.1%), Togo (12.6%), Senegal (9.5%) and Burkina Faso (8.3%).

Chart 10: Breakdown of the net commitments of EBID to Member States as at 31/12/2012 (%)

434.7

261.7220.7

696.5

619.0

398.32011

2012

TotalPRIVATEPUBLIC0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

2.8%2.4%

18.2%

6.8% 6.2%

0.8%0.2%

6.6%

3.6% 3.7%

5.2%

12.6%

9.5%

0.0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Benin

Burkina Faso

Cape verde

Côte d’Ivoire

The Gambia

Ghana

Guinea

Guinea-Bissau

Liberia MaliNiger

Nigeria

SenegalTo

go

Sierra Leone

13.1%

8.3%


However, as the table below shows, the Bank increased its interventions in Member States such as Niger (+98.0%), Liberia (+79.0%), Côte d’Ivoire (+26.0%) and Cape Verde (+25.0%).

Table 12: Breakdown of the cumulative commitments of the Bank by country between 2011 and 2012 (in UA)

CountryCommitments

as at the end of Dec. 2011

Commitments as at Dec. 2012

Variation 2011 / 2012 (%)

UA UA

BENIN 85 077 893 91 463 711 8% 13.1%

BURKINA FASO 60 720 978 57 459 301 -5% 8.3%

CAPE VERDE 13 273 599 16 582 141 25% 2.4%

CÔTE D’IVOIRE 100 136 005 126 500 393 26% 18.2%

The GAMBIA 19 683 339 19 683 339 0% 2.8%

GHANA 47 562 883 47 562 883 0% 6.8%

GUINEA 37 259 468 43 429 837 17% 6.2%

GUINEA-BISSAU 1 421 512 1 421 512 0% 0.2%

LIBERIA 2 927 580 5 243 425 79% 0.8%

MALI 39 148 962 45 887 278 17% 6.6%

NIGER 12 607 880 25 007 151 98% 3.6%

NIGERIA 26 006 532 26 006 532 0% 3.7%

SENEGAL 66 018 101 66 018 101 0% 9.5%

SIERRA LEONE 36 355 175 36 355 175 0% 5.2%

TOGO 70 788 546 87 845 314 24% 12.6%

TOTAL 618 988 453 696 466 093 12.5% 100.0%

3.3.6. Disbursements

Loan disbursements amounted to UA 61 924 043 in 2012, bringing total disbursements to UA 322 032 640 as against UA 260 108 597 in 2011, indicating an increase of 23.8 %. The disbursement rate of active loans stood at 50.5% as at December 31, 2012.

On the basis of repayments made, total loans outstanding amounted to UA 265 617 797 (US $ 358 909 796) as at December 31, 2012.

2012 Annual Report



The situation of outstanding loans by country is as follows:

Table 13: Loans outstanding as at 31/12/2012 (in UA)

3.3.7. Other Operational Activities

The other operational activities relate to the Special Fund for Telecommunications (SFT), the Cultural Industries Guarantee Fund (CIGF) and the Environment and Sustainable Development Unit (ESDU).

3.3.7.1. Special Fund for Telecommunications (SFT)

EBID manages the Special Fund for Telecommunication whose mission is to finance telecommunications infrastructure in Member States.

As at December 31 2012, the total balance sheet of the Fund stood at UA 20 438 120 as against UA 19 349 301 in 2011, representing an increase of 5.6%. Concerning the profit and loss account, the Bank posted a profit of UA 858 705 as against a loss of UA 355 659 in 2011, stemming from income from placements during the period.

The breakdown of the profit and loss account of the SFT is presented in Annex 10.

Country Num Commitments Disbursements Not disbursed Princ. maturity Repaym. Princ. Outstanding loan

Amount (%)

BENIN 15 91 146 420 48 021 476 43 124 944 10 758 935 9 847 598 38 173 878 14.4%

BURKINA FASO 10 53 337 509 30 193 116 23 144 393 6 663 612 4 404 683 25 788 433 9.7%

CAPE VERDE 4 16 582 141 9 498 095 7 084 046 584 861 574 118 8 923 977 3.4%

CÔTE D’IVOIRE 12 97 962 076 27 797 319 70 164 757 7 604 544 7 331 304 20 466 015 7.7%

The GAMBIA 3 19 683 339 3 312 375 16 370 964 449 145 392 002 2 863 230 1.1%

GHANA 7 47 562 883 15 755 183 31 807 700 1 714 687 1 537 607 14 217 576 5.4%

GUINEA 7 43 429 837 32 224 546 11 205 291 6 958 902 5 307 215 26 917 331 10.1%

GUINEA BISSAU 4 1 421 512 1 421 512 - 1 020 584 136 419 1 285 093 0.5%

LIBERIA 2 3 924 410 1 964 766 1 959 644 - - 1 964 766 0.7%

MALI 9 45 887 278 31 892 821 13 994 457 4 010 410 3 635 005 28 257 816 10.6%

NIGER 6 25 007 151 4 549 026 20 458 125 84 517 54 219 4 494 807 1.7%

NIGERIA 3 26 006 532 6 525 300 19 481 232 2 593 904 2 369 431 4 155 869 1.6%

SENEGAL 8 66 018 101 48 922 325 17 095 776 14 565 526 11 725 028 37 197 297 14.0%

SIERRA LEONE 3 36 355 175 21 431 372 14 923 803 239 763 238 763 21 192 609 8.0%

TOGO 12 63 859 665 38 405 862 25 453 803 8 716 065 8 804 308 29 601 554 11.1%

LOANS 105 638 184 029 321 915 094 316 268 935 65 965 455 56 357 700 265 500 251 100.0%


3.3.7.2. Cultural Industries Guarantee Fund (FGIC)

Established on the initiative of the Organization of French Speaking Countries [Organisation Internationale de la Francophonie (OIF)] and EBID, the Cultural Industries Guarantee Fund is a mechanism that guarantees financing operations in favour of cultural industries of West African States that belong to OIF and ECOWAS.

The Fund is administered by the Management Committee. During the period under review, the activities of the Fund concerned the guarantee of operations and monitoring of activities. In this regard, the Fund guaranteed four projects for commercial banks and financial establishment for the following projects:

• CAP RECORD project, financed by BRS Benin in the amount of CFA F 41 707 368;

• DON METOK project, financed by BRS Benin in the amount of CFA F 23 540 000;

• U COSE project, co-financed over a period of 3 years by BRS Benin in the amount of CFA F 150 000 and by BGFI Bank in the amount of CFA F 100 000 000, or about CFA F 250 000 000;

• The SILICE EVNETS project, for a total amount of CFA F 90 000 000 and submitted by the Burkinabe Fund for Economic and Social Development.

These guaranteed operations brought to 17 the number of interventions of the Fund costing a total of CFA F 885 223 000. As at the end of December 2012, the net commitments of the Fund stood at CFA F481 832 000.

Also, during the period under review, the Fund embarked on supervision of seven projects it has guaranteed.

3.3.7.3. Environment and Sustainable Development Unit (ESDU)

The major activities concerned the preparation of procedures and working documents of the Unit, notably with the assistance of the French Development Agency (AFD) as well as the recruitment of a Head for the Unit.

3.4. COOPERATION AND RESOURCE MOBILIZATION ACTIVITIES

The implementation of cooperation, partnership and resource mobilization activities constitutes an important plank of the development strategy of EBID. The activities are meant to attain the triple objective of enhancing the prominence of the Bank in the Community and among development partners, attracting various forms of technical assistance necessary to enable the Bank to grow, and mobilizing adequate resources to enable it to finance more projects and thereby guarantee the profitability and sustainability of its operations.

In view of the sustained increase in the volume of its commitments in 2012, the Bank continued with its efforts at mobilizing long term resources within and outside the ECOWAS region.



3.4.1. Cooperation and Partnership Activities

Regarding cooperation and partnership, the major actions recorded during the year 2012 are as follows:

I. in January 2012, the Bank organized a tripartite meeting between the French Development Agency. (AFD) and the African Development Bank(AfDB) as part of coordination of their respective assistance to EBID. At the end of this meeting, the AfDB pledged to support the Bank in the area of capacity building and put in place a modern archive management system. To this end, the Bank received a new AfDB mission from September 24-28 2012 to finalize the technical assistance programme. EBID submitted a request in the amount of USD 1 million to the Fund for Assistance to the African Private Sector (FAPA) in October 2012. The programme will as a priority, strengthen EBID’s strategic orientation in order to enable it to carry out its mandate as a regional tool for financing of development and poverty reduction through its private sector window. In specific terms, the programme seeks to fulfill a three-fold objective, namely:

• strengthening EBID’s intervention in the private sector;

• developing the technical skills of its staff and;

• improving its financial resource mobilization capacity.

II. the technical assistance agreement from the French Development Agency started in February 2012 for a period of seventeen (17) months. This assistance in the form of a grant in an amount of Euro 500 000, is for capacity building of the Bank in the area of risk monitoring, upgrading of anti-money laundering, fight against terrorism as well as upgrading of the social and environmental responsibility policy;

III. the Bank organized two sensitization and promotional missions, respectively in Owerri (Imo State) and in Dutse (Jigawa State) in the Federal Republic of Nigeria, with a view to arousing the interest of business operators in that country, in order to consolidate the Bank’s private sector portfolio;

IV. the Bank participated in a joint sensitisation mission involving all the ECOWAS institutions in Lagos, organized by the Nigerian Ministry of Foreign Affairs and the ECOWAS Commission from September 18-20, 2012.


3.4.2. Resource Mobilization Activities

During the year under review, the Bank focused its efforts on the mobilization of its capital, borrowings and special resources.

Regarding capital resources, the Bank received an amount of UA 3 824 271 from Senegal and Cote d’Ivoire as payment of part of their arrears in respect of the first tranche of the Bank’s capital. To date, only six (Benin, Burkina Faso, Ghana, Mali, Niger, and Togo) out of 15 Member States have cleared their contribu-tion in respect of the first tranche of the capital.

In the same vein, the President of the Bank visited some Heads of State of the Community to impress upon them regarding the payment for the second tranche of UA 245 million called, following the increase made in October 2011, that raised the capital of the Bank from UA 603 million to UA 1 billion. In this regard, it should be pointed out that Ghana and Togo paid a total amount of UA 14 127 917, with Ghana paying UA 12 216 011 and Togo (UA 1 911 906).

With respect to borrowings, the main strides made during the period under review related to the following:

I. continuation of discussions started with AFREXIMBANK in 2011, regarding the mobilization of USD 40 million of which USD 25 million would be in the form of medium term loan and USD 15 million would be used for trade financing;

II. continuation of negotiations with IDC for the renewal of the line of credit of USD 30 million;

III. continuation of steps towards mobilizing funds on the Nigerian capital market (Nigerian Stock Exchange);

IV. signing of a letter of understanding with Thathani Investment Holdings (PTY) Ltd, to assist the Bank in mobilizing resources in South Africa from the Public Investment Corporation (PIC); and

V. signing of a memorandum of understanding between EBID and Public Investment Corporation (PIC) of South Africa, for the co-financing of projects, equity participation and granting of lines of credit to the Bank is in view.



With respect to special resources, premium was put on the mobilization of resources within the Community, specifically, part of the Community Levy (CL). Progress was made during the period under review, regarding discussions with the ECOWAS Commission, toward operationalizing the decision of the Authority of Heads of State and Government at their 40th Session held in Abuja on February 16 and 17, 2012, directing the Commis-sion to transfer the surplus resources of the Community Levy to EBID for the financing of infrastructure projects.

In a nutshell, the issue of resource mobilization is a major challenge to the Bank given the substantial amount of resources needed to finance regional projects and programs as well as those of the fifteen Member States of ECOWAS. In this regard, the contribution of the Member States to the capital and giving EBID access to the Community Levy resources are viable alternatives to strengthen the Bank’s own resources.


FINANCIAL POSITION OF EBID AS AT DECEMBER 31, 2012

CHAPTER 4



4.1. BALANCE SHEET AS AT DECEMBER 31, 2012

An analysis of the audited financial statement for the year ended December 2012 of the Bank showed a growth of 18.0% when compared to December, 2011. The Bank’s balance sheet expanded from UA 304.7 million at the end of December 2011, to UA 359.5 million, at the end of December 2012.

Table 14: Balance sheet as at december 31, 2012 (in thousands of UA)

ITEMS 31/12/2011 31/12/2012 Variation

Absolute Relative

ASSETS

Cash and bank accounts 2 819 3 929 1 110 39.4%

Short term investment 41 376 47 743 6 367 15.4%

Loans to Member States 217 612 257 887 40 275 18.5%

Institutional accounts 708 425 -283 -40.0%

Other debit balances 9 549 8 524 -1 025 -10.7%

Long term Investments 15 500 22 301 6 801 43.9%

Fixed assets 17 136 18 710 1 574 9.2%

Total assets 304 700 359 518 54 818 18.0%

LIABILITIES

Accounts payable 6 648 6 878 230 3.5%

Borrowings 136 939 171 147 34 208 25.0%

Inter-institutional accounts 72 1 465 1 393 1934.1%

Capital 124 161 142 130 17 969 14.5%

Free reserves 28 055 28 569 514 1.8%

295 874 350 189 54 315 18.4%

Minority interests 8 826 9 329 503 5.7%

Total liabilities 304 700 359 518 54 817 18.0%

OFF BALANCE SHEET

Guarantees outstanding 40 361 31 617 -8 744 -21.7%


4.2. INCOME STATEMENT AS AT DECEMBER 31, 2012

As shown in the profit and loss statement below, despite the consolidation of activities, the Bank only recorded a profit of UA 0.514 million as against a profit of UA 1.886 million in 2011. The reduction in profit stemmed from provisions made to cover for losses on two private sector loans. This situation is further confirmed by the favourable growth of the gross operational result which stood at UA 1.7 million at the end of December 2012, registering an increase of 47.5% compared to that recorded in 2011 (UA 1.1 million).

Table 15: Income statement for the year ended december 31, 2012 (in thousands UA)

INCOMEITEM

EXPENDITURE

31/12/2011 31/12/2012 31/12/2012 31/12/2011

12 631 12 734 Interests and income/sundry expenses 6 197 6 057

3 177 3 438 Commissions (income/expenditure) - -

15 808 16 172 Total Interest and commissions 6 197 6 057

9 751 9 976 INTEREST MARGIN

1 205 763 Gain or losses on placement portfolios 1 473

16 956 16 935 Total income/ bank charges 7670 6 057

10 956 9 265 NET INCOME FROM OPERATIONS

94 281 Other income / General operating expenditure

6 820 9 079

Subv./FTD tangible and intangible assets 1 068 872

17 060 17 216 Total income/ expenditure 15 558 15 948

1 128 1 658 GROSS OPERATING INCOME

Cost of risk 650 -920

2 019 1 009 OPERATING INCOME

29 6 Gains or losses on fixed assets

2 048 1 015 INCOME BEFORE TAX

Minority interests 501 162

1 886 514 NET INCOME



4.3. ANALYSIS OF FINANCIAL AND PRUDENTIAL RATIOS

An analysis of the annual accounts of the Bank for the financial year ended December 31, 2012 shows that EBID recorded less profit relative to the financial year ended December 31, 2011.

At the end of the 2012 financial year, the Bank only recorded a profit of UA 514 212 against UA 1.886 million in 2011,representing a 72.7% decline. The fall in profit negatively impacted some financial ratios of the Bank.

During the period under review, the interest margin rose slightly by 2.31% in 2012 and stood at UA 9.975 million as against UA 9.751 million as at the end of 2011, while the net banking income dropped by 15.43%, from UA 10.956 million in 2011 to UA 9.265 million in line with the drop in interests on placements.

Table 16: Key aggregates as at December 31, 2012 (in million UA)

AGGREGATES VALUE (in million UA) VARIATION (%)

31/12/2011 31/12/2012

Interest margin 9.751 9.975 2.31%

Net income from operations 10.956 9 265 -15.43%

Risk cost - 0.920 650 -170.65%

Net income 1.886 514 -72.75%

Due to efficient control of the other operational costs, which dropped by 24.9 % compared to its level in 2011 (UA6.8 million as against UA 9.1 million in 2011), the operational income rose slightly and stood at UA 1.7 million. In this regard, the net-operational co-efficient7 clearly improved and stood at 73.61% as against 82.87% in 2011. The ratio remains above the accepted standard of 65%.

Concerning the operational profitability which matches the net result to the operational income, this deteriorated and stood at 4.79% as against 17.2% as at December 31, 2011, in line with the low profit level recorded in the year.

The return coefficient, which shows the profitability on resources invested to carry out the Bank’s activity, stood at 0.14% in 2012, against the accepted minimum of at least 1 %.

7Ratio of Overhead costs to net banking income


In contrast to other ratios that do not meet the norms, the solvency ratio is still comfortable standing at 50.07% in 2012 as against 51.98% the previous year. It shows that the level of owners’ resources, which represent almost half of the Bank’s total balance sheet, is still significant whereas the desirable threshold level for banks in respect of owners’ resources is 2%.

Table 17: Financial ratios as at December 31, 2012

Financial ratios Formula Value as at Norm

31/12/2011 31/12/2012

Net operating co-efficient Overhead costs 82.87% 73.61% < 65%

Net banking income

Coverage ratio of doubtful and

bad debts Provisions 49.68% 32.26% >70%

Total of doubtful and bad debts

Operating profitability Net result 17.21% 4.79% > 5%

Income from operations

Profitability ratio Net result 0.62% 0.14% > 1%

Total balance sheet

Solvency ratio Own resources 51.98% 50.07% > 2%

Total balance sheet

Finally, according to international standards, EBID meets the thresholds of all the common prudential ratios as at December 31, 2012.

Table 18: Status of prudential ratios as at December 31, 2012

Prudential ratios DescriptionValue as at

Norm31/12/2011 31/12/2012

Solvency ratio (Mc Donough)

Actual owners’ equity52.23% 49.09% > 8%

Total weighted risks

Coverage for MLT applicationLong term resources

127.35% 126.20% ≥ 60%Medium & long term application

LiquidityCurrent assets

584.80% 675.32% > 100%Short term debts



OUTLOOK

CHAPTER 5

OUTLOOK


5.1. INTERNATIONAL AND REGIONAL ECONOMIC OUTLOOK IN 2013

According to forecasts of the International Monetary Fund (IMF), the global economy is expected to grow in 2013, with growth averaging 3.25 %, largely on account of the lowering of the intensity of factors that constrained activity in previous years. Measures taken by public authorities have reduced the risks of a serious crisis in the euro zone and in the United States. However, in the euro zone, the recovery after a prolonged contraction may still take some time before becoming a reality. The short term prospects have been revised even though the progress of national adjustments and the hard stance response to the crisis within the European Union have mitigated the far-reaching risks and improved the financing conditions for the countries around them. Activity is expected to shrink by 0.2% in 2013.

Japan has drifted into recession, however, the recovery measures are expected to boost growth in the short term.

Some emerging countries have taken steps that have led to a slight acceleration of growth, whereas others are still encountering low external demand and domestic obstacles. Where there are no crisis and if the financial situation continues to improve, global growth may be faster than anticipated. However, the risks of deterioration are still significant, notably, a new drift in the euro zone and a short term excessive budget adjustment in the United States.

In the United States, growth is expected to average around 2% in 2013, if the underlying economic situation remains consistent with the trend. In particular, the favourable conditions on the financial markets and the upturn in the mortgage market have contributed in improving the financial situation of households and are expected to lead to increased consumption in 2013.

In some of the emerging and developing countries, growth would be expected to rise to 5.5% in 2013. However, it will not reach the high levels observed in 2010 and 2011. Supportive economic policies have significantly contributed to the recent acceleration of activity in most of these countries. However, the absence of stimulus in the activity in the advanced countries will impact on external demand, as well as on the terms of trade of the countries that export commodities on grounds of decline in the price of commodities in 2013. Furthermore, the possibilities of fresh relaxation of economic policy have been reduced, while pressure on supply as well as uncertainty around the activity of public authorities have stifled growth in some countries (for instance in Brazil and India).

In Sub-Saharan Africa, activity is expected to remain dynamic, a rebound of production in Nigeria after the disruptions due to the floods is expected to contribute to acceleration of widespread growth in the region in 2013.

Under these conditions, according to the International Monetary Fund, global growth will accelerate gradually in 2013, to reach 3.5% or a slight improvement when compared with the 3.2% rate in 2012. An acceleration of 4.1% is expected in 2014, in the event where the recovery becomes a reality in the Euro zone.


5.2. NEW CHALLENGES FOR THE BANK IN THE YEAR 2013

Whilst the situation described above points to signs of an economic environment laden with signs of possible relapse, the political crisis observed in several places are equations that need to be resolved in order to enable the subregion truly return to the path of poverty reduction that remains a generalized phenomenon. This entails implementing of sectoral policies for developing and maintaining a favourable environment at the regional level to attract investment into the region and for the development of the private sector.

Insert 2: 2013 Global Economic Outlook according to the World Bank

Four years after the global financial crisis started, the worst seems to have been overcome...

Growth in the high income economies is still low, since their GDP is expected to rise only by 1.3% in 2013. In the Euro zone, the countries will henceforth experience growth in 2014 with a GDP that is slackening by 0.1% in 2013.

Even though reduced, the risks of drop in global economy are still there and comprise: breakdown in pro-gress towards the settlement of Euro zone debt crisis as well as the budget constraints in the United States, the possibility of sudden slowdown of investment in China and breakdown in global supply of crude oil.

Within this context of weakened external environment, the growth of developing countries would have to be engendered from within, by strengthening governance and investment in infrastructure, education and healthcare.

Growth in Sub-Saharan Africa has remained robust at 4.6% in 2012. Apart from South Africa, the biggest economy of the region, GDP increased from 5.8 percent in 2012 with one third of the countries of the region growing at least at 6%. A robust local demand, prices of commodities have sustainably remained high, ri-sing export volume (owing to new capacities in the natural resource sector) as well as stable savings inflow supported the growth in 2012. However, the increase was limited owing to local factors, notably tightening of monetary policy, prolonged social conflicts and political squabbles. Growth in the region is expected to be at its levels prior to the crisis which was 5% during the period of 2013-2015.

OUTLOOK

50

In this context, EBID would have to position itself as a major instrument at the service of the Community, by continuing to execute its 2010-2014 Strategic Plan. In this regard, in connection with the execution of the fourth year of this Plan, the Bank is projecting for the year 2013, to:

- increase its commitments by at least UA 200 million, or about USD 300 million, both for the public and the private sector;

- strengthen cooperation with the ECOWAS Commission, notably for operationalization of the regional funds that are being put in place and, resumption of the activities of the Joint EBID/ECOWAS Commission Permanent Committee for Studies;

- continue and step up resource mobilization actions through:

• advocacy at the level of the Heads of State for the payment of the second tranche of the called up capital in the amount of UA 245 million;

• operationalization of the EBID Interest Rate Subsidy Fund, jointly with the ECOWAS Commission;

• finalize discussions with financial partners for the mobilization of borrowings. These include, Afreximbank, Public Investment Corporation (PIC) of South Africa;

- continue reforms to consolidate governance and improve the work environment within the Institution through:

• implementation of the technical assistance programme from the French Development Agency (AFD);

• signing and start of the technical assistance programme with the African Development Bank (ADB);

• modernization of the Bank’s information system;

• strengthening of the Bank’s human resource through implementation of the “Young gra-duates” recruitment programme approved by the Board of Directors;

• start-up and execution the rehabilitation of the Bank’s headquarters building.

5.3. CONCLUSION

Despite the consolidation of operational activities, the profit and loss account of the Bank is not attractive owing to the significant level of provisions made in order to address the bad debts recorded on two loans granted to the private sector.

On the other hand, after three years of execution of the 2010-2014 Strategic Plan of the Institution, the main objectives are far from being achieved, owing to lack of adequate resources. Compared to the refe-rence year when the plan was prepared (2009), commitments have risen by 35% as against a target of 60%; growing from UA 519 million in December 2009 to UA 696 million at the end of December 2012. This situa-tion is mainly attributable to inadequate resources to finance public sector projects.

For the years ahead, regarding the current Plan, the Bank envisages to focus its efforts on regional economic integration through the financing of economic integration in the areas of agriculture, rural development, energy, telecommunication and transport. It will equally continue its support for the private sector, which is the source of employment creation and wealth.

In this regard, the operationalization of the Project Preparation Unit and the Regional Fund for Agriculture and Food, all to be hosted in EBID, as well as the promises of payment of the called up capital give cause to expect a consolidation of the activities of the Bank during the year 2013.


512012 Annual Report

ANNEXESLIST OF ANNEXES

Annex 1: Decision-making Bodies

Annex 1.1. Members of the Board of Governors of EBID as at 31.12.2012

Annex 1.2. Members of the Board of Directors of EBID as at 31.12.2012

Annex 2: Organization Chart of EBID

Annex 3: Main Resolutions of the Board of Governors Meeting Held in 2012

Annex 3.1. Tenth Ordinary Session held in Conakry, on August 24, 2012

Annex 4: Main Resolutions of the Board of Directors Meetings Held in 2012

Annex 4.1. Thirty sixth session held on April 24 2012 in Lome

Annex 4.2. Thirty seventh third session held on July 31 2012 in Lome

Annex 4.3. Thirty eighth session held on October 30 2012 in Lome

Annex 4.4. Thirty ninth session held on December 20 2012 in Lome

Annex 5: Details of Projects Appraised in 2012

Annex 6: List of Projects Supervised in 2012

Annex 7: List of Approvals in 2012

Annex 8: List of Loan Agreements Signed in 2012

Annex 9: Commitments as at 31.12.2012

Annex 9.1. Outstanding loans granted to Member States as at 31.12.2012 (in UA)

Annex 9.2. Guarantees granted as at 31.12.2012 (in UA)

Annex 9.3. Equity investments as at 31.12.2012 (in UA)

Annex 10: Financial Position of SFT

Annex 10.1. Operating Statement of SFT (UA)

Annex 10.2. Balance Sheet of SFT (UA)

Annex 11: Financial Position of EBID

Annex 11.1. Operating Statement (in 000 of UA)

Annex 11.2. Balance Sheet (in 000 of UA)


ANNEXES


Annex 1: Decision-making Bodies

Annex 1.1. Members of the Board of Governors of EBID as at 31.12.2012

MEMBER STATES GOVERNORS

BENIN Mr Marcel de SOUZA

BURKINA FASO Mr Lucien Marie - Noël BEMBAMBA

CAPE VERDE Mrs Cristina DUARTE

CÔTE D’IVOIRE Mr Albert Abdallah Toikeusse MABRI

The GAMBIA Hon. Abdou KOLLEY

GHANA Hon. Kwabena DUFFUOR

GUINEA Mr Kerfalla YANSANE

GUINEA BISSAU Mr Abubacar Demba DAHABA

LIBERIA Hon. Amara M. KONNEH

MALI Mr Tiéna COULIBALY

NIGER Mr Amadou Boubacar CISSE

NIGERIA Dr. Yerima Lawan NGAMA

SENEGAL Mr Amadou KANE

SIERRA LEONE Dr. Samura KAMARA

TOGO Mr Adji Otèth AYASSOR


Annex 1.2. Members of the Board of Directors of EBID as at 31.12.2012

NAME/COUNTRY/ GROUP OF COUNTRIES DIRECTORS ALTERNATES

EBID Mr Bashir Mamman IFO (CHAIRPERSON)

ECOWAS COMMISSION President of the Commission (Observer)

NIGERIA Mr Mohammed HARUNA Mr Ali OCHENI

CÔTE D’IVOIRE Mr Oguié SAIN Mr Mabéa Fulgence MESSAN

GHANA Mr Kwabena B. OKU-AFARI Mr Samuel D. ARKHURST

GROUP I

CAPE VERDE, GUINEA, GUINEA BISSAU, SENEGAL

Mr Lat DIOP (SENEGAL)

Mr Alexandre G. V. FONTES (CAPE VERDE)

Mr Alpha DIALLO (GUINEA)

Mr Romao L. VARELA Jr (GUINEA BISSAU)

GROUP II

BURKINA FASO, LIBERIA, MALI, NIGER

Mr Tibila KABORE (BURKINA FASO)

Mr Cheickh Sidi Mouhamade SECK (MALI)

Mr Yaye SEYDOU (NIGER)

Mr Hans BARCHUE (LIBERIA)

GROUP III

BENIN, The GAMBIA, TOGO, SIERRA LEONE

Mrs Liliane ALAPINI ZEZE (BENIN)

Mrs Zouréhatou KASSA-TRAORE (TOGO)

Mr Mod A. K. SECKA (The GAMBIA)

Mr Edmund KOROMA (SIERRA LEONE)

ANNEXES


BOARD OF GOVERNORS

BOARD OF DIERCTORS

Internal audit & norms

Evaluation of Operations

Special Assistant Advisers

Admin. Assistant

Internal Audit and Evaluation of Operations

Vice-PresidentOperations

Risk Analysis

Environment &Sustainable Development

Public SectorOperations

Administration &General Services

Research andStrategic Planning

InformaticsOrganization & Methods

Agriculture &Rural Development

Legal AffairsDivision

Human Resources

OperationalPolicy & Strategic

Planning

Information Technology

FinancialInstitutions &Suppt. to SME

GeneralAccounting

ModernInfrastructure &

Services

Budget, MngntPolicy Control

Basic Infrastructure

Board Secretariat& Common

Services

Corporate Heritage Services

Macro -Economic studies

Organisation & Methods

Industry & Energy

Treasury

Loan Administration

Health & Education

Languages Services

Partnership &Cooperation

Private SectorOperations

Finance &Accounting

Communication & Marketing Unit

Vice-President Finance & Corporate Services

Annex 2: Organization chart of EBID

PRESIDENT OF BANK

CorporateServices


ANNEXES


Annex 3: The main resolutions of the meetings of the Board of Governors held in 2012

3.1. Tenth Ordinary Session held in Conakry, on August 24, 2012

a adoption and swearing in of the new President of EBID;

a adoption of the minutes of the 6th extraordinary session of the Board of Governors held in Accra on October 10, 2011;

a approval of the consolidated financial statements for the year ended December 31 2011;

a approval of the 2011 activity report of EBID;

a appointment of new External Auditors;

a election of the new Chairperson of the Board of Governors of EBID.

The Board of Governors also took note of the status of implementation of the tasks assigned to the Management of the Bank during the 6th Extraordinary Session held in Accra, on October 10 2011, the Progress Report on EBID as at June 31 2012, the status of execution of the line of credit extended to EBID by the Indian Government and the conclusions of deliberations of the 34th, 35th, 36th and 37th sessions of the Board of Directors held respectively on October 28 2011, December 22 2011, April 24 2012 and July 31 2012.

Annex 4: The main resolutions of the Board of Directors meetings held in 2012

4.1. Thirty sixth session held on April 24 2012 in Lome

a adoption of the minutes of the 35th session of the Board of Directors held in Lome on December 22, 2011;

a adoption of the 2011 Activity Report and the Financial Statements for the year ended December 31, 2011;

aauthorization for the partial financing of four projects in Benin, Ghana, Niger and Togo.

The Board of Directors also examined other documents, especially:

• the Progress Report on EBID as at March 31, 2012;

• the situation of capital and recovery of arrears as at March 31, 2012;

• the reports of the Standing Committees of the Board of Directors.

4.2. Thirty seventh third session held on July 31 2012 in Lome

a adoption of the minutes of the 36th session of the Board of Directors held in Lome on April 24 2012;

a authorization for the partial financing of six (6) projects in Burkina Faso, Cote d’Ivoire and Ghana.



• the progress report on EBID as at June 30, 2012;

• the situation of capital and recovery of arrears as at June 30, 2012;

• the report on the Standing Committees of the Board of Directors.

4.3. Thirty eighth session held on October 30 2012 in Lome

a adoption of the minutes of the 37th meeting of the Board of Directors held in Lome on July 31 2011;

a authorization for the partial financing of five (5) projects in Benin, Burkina Faso, Cape Verde, Côte d’Ivoire and Niger;

a authorization for the mobilization of resources on the Nigerian capital market and at Eximbank Turkey;

a authorization for EBID’s membership of the African facility for Legal Assistance.


• the Progress report of EBID as at September 30, 2012;

• the situation of recovery of capital and loan arrears as at September 30 2012;

• The report on the Standing Committees of the Board of Directors: the ad hoc Committee, the Audit Committee and the Risks and Credit Committee.

4.4. Thirty ninth session held on December 20 2012 in Lome

a adoption of the minutes of the 38th meeting of the Board of Directors held in Lome on October 30 2012;

a adoption of the 2013 budget of EBID;

a authorization for the partial financing of three (3) projects in Ghana and Nigeria;

a appointment of the Vice President in charge of Finance and Corporate Services.

The Board also examined several other reports especially:

• the situation of execution of on-going projects as at October 30, 2012;

• the situation of recovery of capital and loan arrears as at October 30, 2012;

• the progress report on the rehabilitation of the headquarters building as at November 30, 2012;

• the reports of the Standing Committees of the Board of Directors: Ad hoc Committee, the Audit Committee and the Risks and Credit Committee.

ANNEXES


Annex 5: Projects Appraised in 2012

N° Projects Country Sectors Type Request (in UA)

Public

1Upgrading of electricity distribution capacity in the major cities of the interior of the country project

Togo Energy Loan 6 536 683

2

Rehabilitation of the CU9 and transport facilitation along the Lomé – Ouagadou-gou road: Tenkodogo – Ouada stretch project

Burkina Faso Infrastructure Loan 4 847 646

3Rehabilitation of the Blitta - Sokode road Lomé – Ouagadougou corridor project(CU9)

Togo Infrastructure Loan 3 832 413

4Construction of a bridge on the Ebrié lagoon between Yopougon et and Boulay Island, in Abidjan

Côte d'Ivoire Infrastructure Loan 5 743 642

5Rehabilaition of the Tahoua - Filingué road (Filingué-Abala-Salam stretch) project, 125 km)

Niger Infrastructure Loan 3 783 449

6 Additional financing for the Bekwai Hospital construction project Ghana Social

(health) Loan 2 530 000

7Rural Electrification through solar en-ergy in the Dosso, Tahoua and Tillabéry localities, in Niger project


8Road paving and provision of drainage in Ouidah, Pobè, Sakété, Bohicon and Dassa-Zoumé, in the Republic of Bénin

Benin Infrastructure Loan 5 724 237

9

Upgrading of electricity production and distribution project, in the Islands of Atao, Fogo, Sao Nicolau and Boavista, in Cape Verde

Cape Verde Infrastructure Loan 3 308 542

10 Second phase of the Rural Electrification project in the Gambia project The Gambia Infrastructure Loan 6 470 397

Sub - Total 1 49 397 728

Private11

Establishment and operation of a wheat flour and livestock production plant by Société MDS (Les Grands Moulins de Ténéré)

Niger Industry Loan 1 995 103

12 Expansion of a pharmaceutical products plant by SPRUKFIELD UK SA project Togo Industry Loan 2 208 145


Private

13 Construction and operation of Hotel Resort in Togo SODEXH-TOGO Togo Service /

Hotel Loan 6 546 529

14 Expansion of a cashew production plant CAJOU Espoir S.A. project Togo Industry Loan 1 574 548

15

Guarantee of a Debenture loan by Asky (Financing of operational needs and pre-financing of procurement for three (3) Q400 aircrafts

Togo Service / Transport Guarantee 6 387 354

16

Short term credit of 120 days for the procurement of fertilizer for AGROPHITEX project, a chemical fertilizer production company

Senegal Agro- industry Loan 10 171 223

17 Establishment of pharmaceutical pro-ducts plant by AMANDA PHARMA SA Burkina Faso Industry Loan 6 387 354

18Construction and operation of a medium range hotel project by Compagnie Hôtelière de la Lagune (CHL SA) AZALAÏ

Côte d'Ivoire Hotel Loan 9 517 158

19Construction and operation of RADISSON BLU Hotel by Koira Hotel Investment (KHI. SA) in Abidjan


20Expansion of a pharmaceutical plant by Danadams Pharmaceutical Limited,in the Republic of Ghana

Ghana Industry Loan 6 169 632

21Take over and Rehabilitation of a Newsprint Company, by OKIPP Limited, in the Federal republic of Nigeria

Nigeria Industry Loan 13 204 196

22Construction and operation of Novotel Suites, in Victoria Island, Lagos, in the Federal Republic of Nigeria

Nigeria Hotel Loan 6 475 635

23 Construction of university hostels by All Nations University College Ghana Infrastructure Loan 6 586 630

Sub - Total 2 86 998 255

TOTAL 136 395 983

ANNEXES


Annex 6: List of Projects Supervised in 2012

For the public sector

- rural electrification for 58 localities in the Republic of Benin;

- Sierra Leone Maritime Administration Project in Sierra Leone;

- public lighting in Freetown and in the 13 district headquarters of Sierra Leone;

- modernisation and expansion of telecommunication infrastructure of SIERRATEL project in Sierra Leone;

- Livestock Development project, in the Liptako Gourma region in Burkina Faso;

- construction of the Samendeni dam in Burkina Faso;

- procurement of bi-directional train (TramTrain) for Société Petit train de Banlieue (PTB SA) in Senegal;

- procurement of drilling equipment, trucks, and borehole equipment for (PAMAAF) in Senegal;

- reconstruction and rehabilitation of the Mandinaba-Soma in Gambia;

- establishment of a Tomato and Mango juice processing plant Loumbila in Burkina Faso;

- construction of the Kandadji dam in Niger.

For the private sector

- construction of the Hotel de la Plage by AZALAÏ Group in Cotonou, Republic of Benin;

- construction of the MARRIOT Hotel in Accra, Ghana;

- partial guarantee for the Abidjan Port Authority debenture PAA (6.95%, 2010-2017) in Côte d’Ivoire;

- partial guarantee for PALMCI (7%, 2009-2016) in Côte d’Ivoire;

- partial guarantee for the (SMB 6.95%, 2010-2016) for Société Multinationale de Bitume Debenture loan, (National Bitumen Company) in Côte d’Ivoire;

- partial Guarantee for SOTRA Debenture loan (6.80%, 2007-2012) in Côte d’Ivoire;

- e xpansion of the filling stations network of Pride Petroleum SA in Côte d’Ivoire;

- establishment of an agro-industrial plan to palm oil production production by DEKEL OIL CI SA in Côte d’Ivoire;

- construction of the Radison SAS Dakar Hotel (SEA PLAZZA) in Senegal.


Annex 7: List of Projects Approved in 2012

N° Projects Country Sectors Type Sectors (in UA)

Public

1Procurement of medical and technical equipment for health establishments in Benin

Benin Social / Health Loan 6 385 818

2

Rehabilitation of the CU9 and transport facilitation along the Lomé – Ouaga-dougou corridor: Tenkodogo – Ouada stretch

Burkina Faso Infrastructure Loan 4 847 646

3Construction of a bridge along the Ebrié Yopougon Lagon in the Boulay Island, in Abidjan

Côte d'Ivoire Infrastructure Loan 5 743 642

4Construction of the Tahoua - Filingué road project (tronçon Filingué-Abala-Salam stretch, 125 km)


5 Additional financing for the Bekwai Hospital construction project Ghana Social

(Health) Loan 2 530 000

6Upgrading of production and distribution of electricity in the Atao, Fogo, Sao Nicolau et Boavista, in Cape Verde

Cape Verde Infrastructure Loan 3 308 542

7Rural electrification rural through solar energy in the Dosso, Tahoua and Tillabéry regions, in Niger


8Paving and provision of drainage in the Ouidah, Pobè, Sakété, Bohicon and Dassa-Zoumé localities, in Benin

Benin Infrastructure Loan 5 724 237

Sub - Total 1 38 944 053

Private

9

Establishment and operation of wheat flour and livestock production plant project by Société MDS (Les Grands Moulins de Ténéré)

Niger Industry Loan 1 995 103

10Additional loan for the completion of works of the construction of the Kempinsky Hotel

Ghana Service / Hotel Loan 3 768 134

ANNEXES


N° Projects Country Sectors Type Sectors (in UA)

Private

11Construction and operation of a hotel complex project by Société SODEXH-TOGO

Togo Service / Hotel Loan 6 546 529

12 Expansion of a pharmaceutical products plant by SPRUKFIELD UK SA Togo Industry Loan 2 208 145

13 Expansion of a Cashew production plant project, by société CAJOU Espoir S.A. Togo Industry Loan 1 574 548

14Establishment of a pharmaceutical production plant in Kkologho project by société AMANDA PHARMA SA

Burkina Faso Industry Loan 6 387 354

15

Construction and operation of a hotel complex under the RADISSON BLU label by société Koira Hotel Investment (KHI. SA) in Abidjan


16

Expansion of a pharmaceutical products production plant by Danadams Phar-maceutical Limited, in the Republic of Ghana

Ghana Industry Loan 6 169 632

17Take over and rehabilitation of a news-print by OKIPP Limited in the Federal Republic of Nigeria

Nigeria Industry Loan 9 774 748

18Construction and operation of Novotel Suites in Victoria Island, Lagos, in the Federal Republic of Nigeria

Nigeria Hotel Loan 6 475 635

Sub - Total 2 54 674 576

TOTAL 93 618 629


Annex 8: List of Loan Agreements Signed in 2012

N° Projects Country Sectors Nature Date of signature

Participation (in UA)

Public

1Partial financing of the irrigation Development project in the Bani and Selingue region (PDI-BS)

Mali Rural dev. Loan 09.03.2012 6 738 316

2

Partial financing of the project for the procurement of medical and technical equipment for the health establishment in Benin

Benin Social (health) Loan 26.07.2012 6 385 818

3

Partial financing for the rehabilitation and expansion of electricity grids of the regional capitals and of the inter-connected system (Phase II)

Guinea Energy Loan 24.08.2012 6 629 772

4

Partial financing of the project for the construction of the Tahoua - Filingué road (Filingué-Abala-Salam stretch), 125 km)

Niger Infrastructure Loan 14.11.2012 3 783 449

5Partial financing of the rural electrification project through solar energy in the Dosso, Tahoua and Tillabéry regions, in Niger

Niger Energy Loan 14.11.2012 6 620 719

6

Partial financing of the production and distribution of electricity project in the Santo Atao, Fogo, Sao Nicolau and Boavista Islands, in Cape-Verde

Cape Verde Energy Loan 20.11.2012 3 308 542

Sub - Total 1 33 466 616

Private

7

Partial financing of the project for construction and operation of marble production plant by société POMAR TOGO SA, in Togo

Togo Industry Loan 23.02.2012 6 830 153

8Financing of the project for equity participation in West African Emer-ging Markets Growth Fund (WAEMGF)

Côte d’Ivoire

Service (Finance)

Equity participation

March 2012 374 673

9 Financing of equity participation in the capital of LBDI Liberia Service

(Finance)Equity

participation May 2012 1 319 015

10Equity participation in the capital of the Regional Mortgage Refinancing Fund of UEMOA (CRRH-UEMOA)

Togo Service (Finance)

Equity participation May 2012 629 955

ANNEXES


N° Projects Country Sectors Nature Date signature

Participation (in UA)

Private

11

Financing of the syndicated loan in the amount of USD 320 million meant for the importation of crude oil for Société Ivoirienne de Raffinage (SIR)

Côte d’Ivoire

Infrastructure / Energy Loan 20.06.2012 9 006 928

12Partial financing of the construction and operation of the Riviera-Marcory bridge by SOCOPRIM S.A.

Côte d’Ivoire

Infrastructure / Transport Loan 28.06.2012 11 106 790

13Partial financing of the project for expansion of pharmaceutical products plant by SPRUKFIELD UK SA


14

Partial financing of the construction and operation of Hotel under the RADISSON BLU label by société Koira Hotel Invest-ment (KHI. SA) in Abidjan

Côte d’Ivoire

Service (Hotel) Loan 30.11.2012 9 774 748

15Partial financing of the project for expansion of a cashew production plant by société CAJOU Espoir S.A.


16

Partial financing of the establishment of operation of a wheat flour and livestock production plant by Société MDS (Les Grands Moulins de Ténéré)

Niger Industry Loan 14.12.2012 1 995 103

17Partial financing of the construction and operation of a hotel resort project by SODEXH-TOGO

Togo Service (Hotel) Loan 27.12.2012 6 546 529

Sub - Total 2 51 366 587

TOTAL 84 833 203


Annex 9 : Commitments as at 31.12.2012

Annex 9.1. Outstanding commitments on loans to Member States as at 31.12.2012 (in UA)

N° Country Projetcs Sector Commt.

1

BENIN

BENIN 5 PADE BORGOU Public 3 484 619

2 BENIN 6 SAVALOU DJOUGOU ROAD Public 3 024 490

3 BENIN 7 DJOUGOU NDALI ROAD Public 4 013 056

4 BENIN 8 AKOSSOMBO PLACE DE SOUVENIR ROAD Public 6 561 971

5 BENIN 9 RTE KEREMOU - KANDI ROAD Public 7 218 131

6 BENIN 10 ELECTRIFICATION 58 LOCALITIES Public 12 534 366

7 BENIN 11 AIR AFRIQUE –AIRPORT LINK ROAD Public 5 133 210

8 BENIN 12 CHG HOTEL PLAGE RB Private 2 686 136

9 BENIN 13 OUIDAH ALLADAH ROAD Public 7 138 998

10 SOCIETE DES CIMENTS DU GOLFE Private 6 552 848

11 NEPA CEB Private 5 987 500

12 BENIN-14 REHABILITATION OF DASSA JUNCTION ROAD Public 4 467 277

13 BENIN-17 ELECTRIFICATION DE 67 LOCALITIES Public 12 794 195

14 BENIN-18 CONSTRUCTION OF AKOMA CLINIC Private 3 163 805

15 BENIN-19 PROCUR OF EQUIP FOR HEALTH ESTABLISHMENTS Public 6 385 818

15 S/T BENIN 91 146 420

1

BURKINA FASO

BURKINA 3 OUAGA LEO ROAD Public 3 731 343

2 BURKINA 4 KAYA DORI ROAD Public 3 594 507

3 BURKINA 5 SAMENDENI DAM Public 9 084 493

4 BURKINA 6 BURKINA BAIL Private 1 748 334

5 BURKINA 7 TOMATOS/MANGOES PROCESSING PLANT Public 9 973 124

6 BURKINA 8 LIPTAKO GOURMA LIVESTOCK PLANT Public 1 741 859

7 BURKINA 9 STE ACCESS OIL Private 3 691 653

8 SN GMB NVLE GRDS MOULINS DU BURKINA FLOUR MILL PLANT Private 4 623 689

9 SBPH STE BURKINABE PROMOT.HOTELIERE Private 2 627 534

10 BURKINA-13 PROCUREMENT OF BUSES FOR UNIVERSITES Public 12 520 973

10 S/T BURKINA FASO 53 337 509

1

CAPE VERDE

CAPE VERDE 1 SAL POLYCLINIC Public 2 459 467

2 CAPE VERDE 2 SALON VIP AERO. PRAIA Public 4 756 011

3 CAPE VERDE 3 RENFORC.CAPAC.DISTR.ELECT. Public 6 058 121

4 CAPE VERDE-4 ELECTRICITE 4 ÎSLANDS Public 3 308 542

4 S/T CAPE VERDE 16 582 141

ANNEXES



1

COTE D'IVOIRE

COTE D’IVOIRE 2 DAOUKRO LADP Public 3 425 524

2 COTE D’IVOIRE 3 OUELLE ETTROKO LADP Public 3 444 050

3 COTE D’IVOIRE 4 ABIDJAN ADZOPE LADP Public 7 393 379

4 COTE D'IVOIRE 5 PRIDE PETROLEUM Private 2 139 541

5 COTE D'IVOIRE 6 ZBTIC A GRAND BASSAM Private 7 158 709

6 COTE D'IVOIRE 7 STE DEKEL OIL Private 6 681 000

7 COTE D'IVOIRE 8 BFA Private 2 717 185

8 COTE D'IVOIRE 9 SITRADE Private 8 876 800

9 COTE D’IVOIRE-10 INTERCONNEX° OF ELECTRICITY GRIDS Public 26 237 422

10 COTE D'IVOIRE-11 STE IVOIR. DE RAFFINAGE Private 9 006 928

11 COTE D’IVOIRE-12 SOCOPRIM (CONSTR° OF A HENRI KONAN BEDIE TOLL BRIDGE IN ABIDJAN) Private 11 106 790

12COTE D’IVOIRE-13 KOÏRA HOTEL INVESTMENT (CONSTRUCTION AND OPERATION OF A HOTEL RESORT UNDER THE «RADISSON BLU» BRAND NAME IN ABIDJAN)

Private 9 774 748

12 S/T COTE D'IVOIRE 97 962 076

1The

GAMBIA

GAMBIA 3. RURAL ELECTRIFICATION EXPANSION Public 13 206 899

2 GAMBIA 4 SCANNING SYSTEM Private 1 578 833

3 GAMBIA-5 RTE MANDINABA-SOMA ROAD Public 4 897 607

3 S/T The GAMBIA 19 683 339

1

GHANA

AIRPORT WEST HOSPITALITY HOTEL Private 670 500

2 GHANA 2 AKATSI AFLAO ROAD Public 4 802 531

3 GHANA 3 NATIONAL FIRE SERVICE Public 9 676 416

4 GHANA 4 SELF HELP ELECTRIFICATION Public 19 553 145

5 GHANA 5 AHL HOTEL MARIOTT Private 3 892 439

6 GHANA 6 THE BEKWAI DISTRICT HOSPITAL Private 5 199 718

7 GHANA-7 KEMPINSKI HOTEL Private 3 768 134

7 S/T GHANA 47 562 883

1

GUINEA

GUINEA 6 LINE OF CREDIT Private 2 081 791

2 GUINEA 7 SAMOU GARAFIRI Public 6 371 233

3 GUINEA 8 ELECTRICITY GRIDS Public 13 182 004

4 GUINEA 9 URBAN TRANSPORT Public 5 644 055

5 GUINEA 10 RES. INTERCEL MOBILE Private 5 410 989

6 GUINEA-11 BISSARY GAZ SERVICES SA Private 4 109 993

7 GUINEA-12 ELECTRICITY GRIDS (Phase II) Public 6 629 772

7 S/T GUINEA 43 429 837



1

GUINEA BISSAU

GUINEA BISSAU 1INTELCOM 1-B Public 541 930

2 GUINEA BISSAU 2 MTCE RESEAU Public 76 493

3 GUINEA BISSAU 3 INTELCOM 1-C Public 568 221

4 GUINEA BISSAU 4 INTELCOM 1-C Public 234 868

4 S/T GUINEA BISSAU 1 421 512

1LIBERIA

LIBERIA MONROVIA HIGHWAY Public 1 964 766

2 LIBERIA 2 L/ CR LIB. DEV. BANK Private 1 959 644

2 S/T LIBERIA 3 924 410

1

MALI

MALI 2 MADINA DIASSA ROAD Public 995 142

2 MALI 4 BQUE MALIENNE SOLIDARITE Private 2 685 309

3 MALI 5 LES MOULINS DU SAHEL Private 2 016 151

4 MALI 6 LIPTAKO GOURMA LIVESTOCK Public 1 659 114

5 MALI 7 TAOUSSA DAM AND ANCILLARY WORKS Public 4 774 698

6 MALI 8 BANDIAGARA-BANKASS ROAD Public 3 931 706

7 MALI 9 INTERCONN RES MALI - CI Public 18 503 328

8 MALI 10 RD PT PAIX INTERCHANGE Public 4 583 514

9 MALI 11 IRRIGATION PDI-BS IRRIGATION DEVELOPMENT Public 6 738 316

9 S/T MALI 45 887 278

1

NIGER

NIGER INTELCOM 1-A Public 1 204 496

2 NIGER 2 KANDADJI DAM CONSTRUCTION Public 4 753 463

3 NIGER 3 RTE BELLA GAYA ROAD Public 6 649 921

4 NIGER 5 FILINGUE-TAHOUA ROAD Public 3 783 449

5 NIGER 6 ELECT. RURAL ELECTRIFICATION THRO’ SOLAR ENERGY Public 6 620 719

6 NIGER 4 GRANDS MOULINS DU TENERE Private 1 995 103

6 S/T NIGER 25 007 151

1

NIGERIA

NIGERIA 6 TINAPA FREE ZONE Public 6 525 371

2 NIGERIA 7 NEXIM LINE OF CREDIT Private 12 993 763

3 NIGERIA 8 RADISSON BLU ABUJA Private 6 487 398

7 S/T GUINEE 43 429 837

1 SENEGAL SENEGAL 5 FATICK KAOLACK ROAD Public 3 335 517

2 SENEGAL 7 HOTEL RADISON SAS Private 4 077 994

3 SENEGAL 8 PETIT TRAIN BANLIEU Public 9 968 367

4 SENEGAL 9 PAMAF/BOREHOLE DRILLING Public 9 415 247

5 SENEGAL 10 LINGUERE MATAM ROAD Public 7 278 382

6 SENEGAL 11 NELL STEEL Private 9 106 970

7 SENEGAL 12 SONATEL CONVENTION Private 9 741 329

8 SENELEC Private 13 094 295

8 S/T SENEGAL 66 018 101

ANNEXES



1SIERRA LEONE

SIERRA LEONE MARITIME ADMIN. Public 4 110 000

2 SIERRA LEONE 2 NETWORK TELECOM Public 19 479 497

3 SIERRA LEONE 3 SOLAR STREET LIGHT Public 12 765 678

4 S/T SIERRA LEONE 36 355 175

1

TOGO

LOME PORT AUTHORITY Private 4 753 355

2 TOGO 2 AKATSI-DZODZE-NOEPE ROAD Public 806 289

3 TOGO 3 AFLAO-HILLACONDJI ROAD Public 4 144 163

4 TOGO 4 EQUIPTS FOR HEALTH ESTABLISHMENTS Public 13 368 698

5 TOGO 5 REHAB. CEET DISTRIBUTION NETWORK Public 7 924 752

6 TOGO 6 RURAL FEEDER ROADS REHABILITATION Public 6 379 925

7 TOGO – EBOMAF LOAN Private 6 619 584

8 TOGO-7 PHARMACEUTICAL INFUSIONS PRODUCTION PLANT BY (DO PHARMA) Private 2 703 524

9 TOGO-8 EXTRACTION AND PROCESSING OF MARBLE AND ORNAMENTAL STONES IN TOGO (POMAR-TOGO S.A.) Private 6 830 153

10 TOGO-9 SPRUKFIELD UK SA (2) Private 2 208 145

11 TOGO-10 EXPANSION OF A CASHEW PRODUCTION PLANT BY (CAJOU ESPOIR S.A.) Private 1 574 548

12 TOGO-11 CONSTRUCTION ET MISE EN EXPLOITATION D'UN COMPLEXE HOTELIER PAR SODEXH-TOGO Private 6 546 529

12 S/T TOGO 63 859 665

TOTALNumber Commitments

105 638 184 029


Annex 9.2. Guarantees granted as at 31.12.2012 (in UA)

GUARANTEESSituation as at

31/12/2011 31/12/2012

SOFITEX 6.65% 2006-2013 DEBENTURE LOAN 3 210 476 2 114 411

CELTEL. 7.50% 2003-2009 DEBENTURE LOAN 3 228 048 1 062 436

S/T BURKINA 6 438 524 3 176 847

SOTRA. 6.80% 2007-2012 DEBENTURE LOAN 43 519 0

PALMCI 7%. 2010-2016 DEBENTURE LOAN 7 885 582 6 914 166

PAA 6.95%. 2010-2017 DEBENTURE LOAN 15 303 811 12 097 011

SMB 6.95%. 2011-2017 DEBENTURE LOAN 8 542 868 8 015 038

S/T COTE D'IVOIRE 31 775 780 27 026 215

TOGO TELECOM. 6.50% 2008-2014 DEBENTURE LOAN 2 146 452 1 413 890

S/T TOGO 2 146 452 1 413 890

GRAND TOTAL 40 360 756 31 616 952

Annex 9.3. Equity participation as at 31.12.2012 (in UA)

Equity Participation Country Sector 2011 2012

Ecobank Transnational Incorporated (ETI) Africa Service 7 553 817 7 553 817

Regional Center for Telecommunications and Maintenance, Lome (CRTML)

Togo Service 44 714 44 714

Special Fund for Telecommunications Togo Service 8 507 861 8 507 861

Ecomarine cabotage project ECOWAS Service

/ Transp 1 702 751 1 702 751

African Investment Bank project (AIB) Benin Service 317 291 317 291

SPCAR/ ASKY Airline project CEDEAO Service

/ Transp 4 002 259 4 002 259

African Bio-fuels and renewable Energies (ABREF) project

Africa Service 130 402 130 402

African Agricultural Fund (FAA) Côte d’Ivoire Service 221 378 1 072 192

Banque Nationale d'Investissement Gestion Côte d’Ivoire Service 65 237 65 237

Equity participation in the capital of Burkina Bail

Burkina Faso Finance 944 945 944 945

Liberian Bank for Development and Investment (LBDI)

Liberia Finance - 1 319 015

West Africa Emerging Markets Growth Fund (WAEMGF)

Côte d’Ivoire Finance - 374 673

UEMOA Regional Fund for Mortgage Refinancing (CRRHUEMOA)

Togo Finance - 629 955

Total 23 490 655 26 665 112

ANNEXES


Annex 10 : Financial Position of SFT

Annex 10.1. Income statement of SFT as at 31.12.2012 (UA)

2012 2011 UA UA

INCOME

Interest income 453 848 882 398

Exchange/revaluation gain 230 313 (526 739)

684 161 355 659

EXPENSES

Operating expenses 35 027 -

Exchange/revaluation loss -

Provision for impaired investments (439 884) -

(404 857) -

Profit/(loss) for the year, transferred to reserves 1 089 018 355 659

Annex 10.2. Balance sheet of SFT as at 31.12.2012 (UA)

2012 2011 UA UA

ASSETS

Cash and bank balances - -

Short term investments 5 720 145 9 843 831

Inter-institutional accounts 14 519 354 9 191 311

Other debit balances 198 621 314 159

20 438 120 19 349 301

LIABILITIES AND CAPITAL

Creditors and accrual 272 271

Share capital 15 620 831 15 620 831

Revenue reserve 4 817 017 3 728 199

20 438 120 19 349 301


Annex 11 : Financial Position of EBID

Annex 11.1. Income statement as at 31.12.2012 (in thousands UA)

Group Bank

2012 2011 2012 2011

000 UA 000 UA 000 UA 000 UA

INCOME

Net interest earned 12 692 12 585 12 239 11 703

Debit interest (6 197) (6 057) (6 197) (6 057)

Net credit interest 6 495 6 528 6 042 5 646

Commissions and other miscellaneous income 3 438 3 177 3 438 3 177

Dividends 586 1 145 586 1 145

Exchange gains/loss (1 473) 60 (1 703) 587

Other income 506 169 324 169

9 553 11 079 8 687 10 724

Exceptional income - - - -

9 553 11 079 8 687 10 724

EXPENDITURE

Personnel costs 4 237 5 188 4 237 5 188

Other operating costs 3 651 4 763 3 874 4 763

Provision for bad debts 650 (920) 650 (920)

8 538 9 031 8 761 9031

1 015 2 048 (74) 1 683

Minority interests (501) (162) - -

Profit for the year, charged to reserve 514 1 886 (74) 1 693

ANNEXES


Annex 11.2. Balance sheet as at 31.12.2012 (in thousands UA)

Group Bank

2012 2011 2012 2011

000 UA 000 UA 000 UA 000 UA

ASSETS

Cash and bank balances 3 929 2 819 3 929 2 819

Short term funds 47 743 41 376 42 022 31 532

Loans to Member States 257 887 217 612 257 887 217 612

Reconciliation accounts 425 708 425 708

Other assets 8 524 9 549 8 325 9 235

Long term placements 22 301 15 500 30 808 24 008

Fixed assets 18 710 17 136 18 710 17 136

Total assets 359 518 304 700 362 107 303 050

LIABILITIES AND CAPITAL

Sundry creditors 6 878 6 648 6 878 6 648

Borrowings 171 147 136 939 171 147 136 939

Reconciliation accounts 1 465 72 15 984 9 263

Subscribed capital 142 130 124 160 142 130 124 160

Reserve 28 569 28 055 25 968 26 040 350 189 294 874 362 107 303 050

Minority interests 9 329 8 826 - -

359 518 304 700 362 107 303 050

Off balance-sheet commitments And other commitments 31 617 40 361 31 617 40 361 On behalf of third parties

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