The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) has approved a combined financing package totaling €230 million and $10 million to foster socio-economic growth and regional development across West Africa.
This announcement was made in a statement released by the bank on Tuesday, following its 91st Ordinary Board Meeting, chaired by Dr. George Agyekum Donkor, President and Chairman of EBID’s Board of Directors.
As the financial arm of the Economic Community of West African States (ECOWAS), EBID provides long-term financing for both public and private sector projects throughout the 15 ECOWAS member states.
The approved funding is part of EBID’s ongoing initiative to mobilize capital for transformative projects, particularly in sectors that have long been underfunded across West Africa.
The breakdown of the financing includes a $50 million line of credit granted to Sterling Bank Limited in Nigeria. This funding will support Small and Medium Enterprises (SMEs) across critical sectors such as health, education, agriculture, renewable energy, and transport, aligning with both Nigeria’s development goals and EBID’s pro-SME strategy.
In the Republic of Benin, Bénin Cashew SA was approved for a €10 million facility to co-finance the construction of five cashew nut processing plants and a cashew balsam production unit in the Glo-Djigbe industrial zone. This project is expected to process 50% of the nation’s cashew production, creating 1,666 permanent and daily jobs in line with the government’s Strategic Plan for the Development of the Agricultural Sector (PSDSA).
Additionally, EBID approved a $180 million credit line to Mota-Engil Nigeria to support the Kano-Maradi standard gauge railway project. This vital infrastructure will connect Northern Nigeria with the Republic of Niger, promoting cross-border trade, economic integration, and mobility. The project is set to generate over 100,000 jobs during construction and 20,000 permanent jobs once operational.
EBID highlighted that these newly approved projects align with the United Nations Sustainable Development Goals (SDGs), particularly SDG 9 (Industry, Innovation, and Infrastructure) and SDG 13 (Climate Action). These initiatives also reflect the bank’s long-term strategy of investing in sectors that drive inclusive growth, enhance regional trade, and bolster economic resilience.
The bank reaffirmed its dedication to sustainable financing and regional transformation, noting that with this latest investment, EBID’s total commitments in the sub-region now amount to $4.5 billion.
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