The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) has approved a combined financing package of €230 million and $10 million aimed at promoting socio-economic growth and regional development across West Africa. This approval follows the bank’s 91st Ordinary Board Meeting, chaired by the President and Chairman of the Board of Directors of EBID George Agyekum Donkor.
Key Highlights of the Financing Package
- $50 Million to Sterling Bank (Nigeria):
EBID has approved a $50 million line of credit to Sterling Bank Limited in Nigeria, designed to support Small and Medium Enterprises (SMEs). The funds will be directed toward critical sectors such as health, education, agriculture, renewable energy, and transport, aligning with Nigeria’s development goals and the bank’s pro-SME strategy. - €10 Million to Bénin Cashew SA (Benin):
In the Republic of Benin, a €10 million financing package has been granted to Bénin Cashew SA to co-finance the construction of five cashew nut processing plants and a cashew balsam production unit in the Glo-Djigbe industrial zone. The project is expected to process 50% of Benin’s national cashew production and create 1,666 permanent and daily jobs, supporting the government’s Strategic Plan for the Development of the Agricultural Sector (PSDSA). - $180 Million for the Kano-Maradi Rail Project (Nigeria):
EBID has approved a $180 million credit line to Mota-Engil Nigeria to support the construction of the Kano-Maradi standard gauge railway project. This critical infrastructure will link Northern Nigeria to the Republic of Niger, promoting cross-border trade, economic integration, and mobility. The project is anticipated to create over 100,000 jobs during construction and 20,000 permanent jobs once operational.
Strategic Alignment with Sustainable Development Goals
The newly approved facilities are strategically aligned with the United Nations Sustainable Development Goals (SDGs), particularly SDG 9 (Industry, Innovation, and Infrastructure) and SDG 13 (Climate Action). EBID’s commitment to investing in sectors that drive inclusive growth, bolster regional trade, and enhance economic resilience is evident in these initiatives.
The bank emphasized that these projects are part of its broader strategy to prioritize investments in transformative sectors that stimulate regional development, particularly in underfunded areas. These projects align with EBID’s long-term objectives of fostering sustainable and impactful development throughout West Africa.
EBID’s Growing Impact
With these latest disbursements, EBID’s total commitments across the sub-region now amount to $4.5 billion. The bank remains dedicated to facilitating sustainable financing for projects that have the potential to drive meaningful change and economic progress in the ECOWAS member states.
As the financial arm of the Economic Community of West African States (ECOWAS), EBID plays a crucial role in providing long-term financing for both public and private sector projects in the region. Through this continued support, EBID seeks to foster economic growth, job creation, and infrastructure development in West Africa, contributing to the overall socio-economic advancement of the region.
The bank’s commitment to sustainable development and regional transformation is reflected in these new financing packages, which aim to address critical infrastructure gaps and promote inclusive, resilient growth across West Africa.
