The President of the ECOWAS Bank for Investment and Development (EBID), Dr. George Agyekum Donkor, has urged development finance institutions, investors and partners to scale up support for small and medium enterprises (SMEs) across West Africa.
Speaking on the role of SMEs in regional development, Dr. Donkor noted that they remain the backbone of the West African economy, accounting for the majority of businesses and jobs. However, he stressed that access to affordable financing continues to be the biggest barrier limiting their growth.
According to him, stronger SME lending could unlock millions of jobs, expand regional trade and position ECOWAS economies for inclusive and sustainable growth. He emphasised that closing the financing gap would enable local enterprises to modernise operations, boost productivity and compete globally.
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Dr. Donkor set a target for the region to cut unemployment significantly by 2030 through coordinated interventions. He called for blended finance solutions, risk-sharing mechanisms and dedicated investment vehicles to channel funds directly to small businesses.
He reaffirmed EBID's commitment to lead in this effort, stating that the Bank will continue to catalyse resources and partnerships that empower SMEs as drivers of regional integration and prosperity.
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