The ECOWAS Bank for Investment and Development (EBID) has approved a combined financing package of €230 million and $10 million aimed at stimulating socio-economic growth and regional development across West Africa.
This announcement was made following the bank's 91st Ordinary Board Meeting, chaired by Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID.
A significant portion of the funds, $50 million, has been approved for Sterling Bank in Nigeria to support Small and Medium Enterprises (SMEs).
This funding will target key sectors such as healthcare, education, agriculture, renewable energy, and transport, aligning with Nigeria's development objectives and the bank's pro-SME strategy.
In the Republic of Benin, the bank has approved a €10 million facility for Bénin Cashew SA. The funds will co-finance the construction of five cashew nut processing plants and a cashew balsam production unit in the Glo-Djigbe industrial zone. T
his project is expected to handle 50% of Benin's national cashew production, creating over 1,600 jobs in line with the country's agricultural development plan.
The bank also approved $180 million for Mota-Engil Nigeria to support the Kano-Maradi standard gauge railway project. This project, which will link Northern Nigeria to the Republic of Niger, is expected to enhance cross-border trade, economic integration, and mobility.
It is projected to create over 100,000 jobs during construction and 20,000 permanent jobs once operational.
These financing initiatives are aligned with the United Nations Sustainable Development Goals, particularly SDG 9 (Industry, Innovation, and Infrastructure) and SDG 13 (Climate Action). They also reflect EBID's long-term strategy to prioritize investments in sectors that promote inclusive growth, regional trade, and economic resilience.
With these new commitments, the bank's total investments in the sub-region have now reached $4.5 billion.
EBID, as the financial arm of the Economic Community of West African States (ECOWAS), provides long-term financing for both public and private sector projects across the 15 ECOWAS member states.
These new disbursements are part of the bank's ongoing efforts to mobilize capital for transformative projects in underfunded sectors across West Africa.
