Accra, May 21, GNA -Finance Minister Dr Kwabena Duffuor was on Friday elected chairman of the governing board of the Ecowas Bank for Development and Investment (EBID) at the end of the bank's ninth ordinary session in Accra.

The Board of Governors is the highest decision-making body and has oversight functions over the Bank's management and administration.

"I accept this challenge in the hope that we are all definitely determined to look into and secure the future development of our sub-region," Dr Duffuor said in his acceptance speech.

EBID was set up in 2004 after the ECOWAS Fund was transferred into a bank with the aim of supporting both private and public projects to speed up the development of the countries in the sub-region.

Dr Duffuor said since its inception, EBID had performed creditably by supporting the sub-regional financial system and stimulating growth through a rising volume of its investments.

From 2004 to 2010, the bank approved 121 projects valued at about 1.2 billion dollars.

In Ghana, EBID had financed projects both in the private and public sectors, including electrification of 114 rural communities in Ashanti and Brong Ahafo Regions, rehabilitation of the Bekwai Government Hospital and the modernisation of the headquarters of the Ghana National Fire Service (GNFS).

Dr Duffuor called on the Governors to help sustain and consolidate the achievements so far made and position it to attain greater heights as an effective instrument for poverty alleviation, wealth creation and job promotion for the people in the region.

He said the challenges of inadequate capital and lack of concessionary resources to finance public sector projects would be dealt with during his tenure and called for support in the bank's resource mobilization efforts from both within and outside to ensure that it becomes indispensable in financing development in the sub-region.

"We shall further put more emphasis on the championing of poverty reduction strategies and initiate bold steps that will further broaden the operations of the Bank to enable it fulfil its mandate.