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 to stimulate socio-economic growth and regional development across West Africa.
The News Agency of Nigeria reports that this was disclosed in a statement issued by the bank on Tuesday following the conclusion of its 91st Ordinary Board Meeting, held under the chairmanship of Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID.
Key Highlights
- $50 million to Sterling Bank (Nigeria):
EBID approved a $50 million line of credit to Sterling Bank Limited, Nigeria, aimed at supporting Small and Medium Enterprises (SMEs). The funds will be deployed across critical sectors such as health, education, agriculture, renewable energy, and transport, in line with Nigeria’s development objectives and the bank’s pro-SME strategy.
- €10 million to Bénin Cashew SA:
In the Republic of Benin, Bénin Cashew SA received a €10 million facility to co-finance the construction of five cashew nut processing plants and a cashew balsam production unit located in the Glo-Djigbe industrial zone. The project is expected to handle 50% of Benin’s national cashew production, while creating 1,666 permanent and daily jobs under the government’s Strategic Plan for the Development of the Agricultural Sector (PSDSA).
- $180 million for the Kano-Maradi Rail Project:
EBID also approved a $180 million credit line to Mota-Engil Nigeria to support the Kano-Maradi standard gauge railway project. This strategic infrastructure will link Northern Nigeria to the Republic of Niger, enhancing cross-border trade, economic integration, and mobility. The rail project is projected to create over 100,000 jobs during the construction phase and 20,000 permanent jobs once operations commence.
Strategic Alignment
EBID noted that the newly approved facilities are aligned with the United Nations Sustainable Development Goals (SDGs), especially SDG 9 (Industry, Innovation, and Infrastructure) and SDG 13 (Climate Action). The projects also fall under the bank’s long-term strategy to prioritize investments in sectors that accelerate inclusive growth, promote regional trade, and enhance economic resilience.
The bank emphasized its commitment to sustainable financing and regional transformation.
“With this investment, EBID’s total commitments in the sub-region amount to $4.5 billion,” the statement concluded.
What You Should Know
EBID is the financial arm of the Economic Community of West African States (ECOWAS).
- The bank provides long-term financing for both public and private sector projects across the 15 ECOWAS member states.
- These latest disbursements are part of EBID’s ongoing efforts to mobilize capital for transformative projects, especially in underfunded sectors across West Africa.
