The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) has approved a combined €230 million and $10 million in funding to drive economic growth and infrastructure development across West Africa. The financing, approved during the 91st ordinary meeting of the Board, chaired by Dr. George Donkor, aims to support key regional projects that align with the United Nations Sustainable Development Goals (SDGs).
The approved funds will be allocated to several strategic initiatives:
- $50 million line of credit to Sterling Bank Ltd. in Nigeria to support Small and Medium Enterprises (SMEs) across sectors such as healthcare, education, agriculture, renewable energy, and transport.
- €10 million facility to Bénin Cashew SA for the construction of five cashew nut processing units and a cashew balsam production unit in the Glo Djigbe industrial zone of Benin. This project aims to cover 50% of the national cashew production needs while creating over 1,666 permanent and temporary jobs.
- $180 million line of credit to Mota-Engil Nigeria to co-finance the Kano-Maradi standard gauge rail project, which will link northern Nigeria to Niger. This infrastructure project is expected to enhance regional integration, facilitate cross-border trade, and generate over 100,000 jobs during construction, with 20,000 permanent jobs once operational.
These investments align with EBID’s strategy to prioritize sectors that promote industry, innovation, infrastructure, and climate action, in line with SDGs 9 and 13. With these new commitments, EBID’s total investments in the region have now reached $4.5 billion, reinforcing its commitment to sustainable development and regional economic growth.
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