ECOWAS Bank allocates €230m, $10m to boost infrastructure, private sector development

By Seun Ibiyemi

The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) has approved a substantial financing package amounting to €230 million and $10 million, aimed at advancing infrastructure development and supporting private sector growth across West Africa.

This decision was reached during EBID’s 91st Ordinary Board Meeting, which was held virtually and chaired by Dr George Agyekum Donkor, President and Chairman of the Board.

The financing initiative focuses on strengthening key sectors that align with the United Nations Sustainable Development Goals (SDGs), with particular attention given to SDG 9 (Industry, Innovation, and Infrastructure) and SDG 13 (Climate Action).

Among the approved facilities is a $50 million line of credit to Sterling Bank Limited (Nigeria), intended to boost small and medium-sized enterprises (SMEs) across vital areas such as health, education, agriculture, renewable energy, and transportation.

A €10 million loan was also approved for Bénin Cashew SA, to support the construction of five cashew processing facilities and a balsam production plant in the Glo-Djigbé Industrial Zone (Benin). This project is expected to fulfil half of the country’s cashew processing requirements and generate employment for over 1,600 people.

Additionally, a $180 million line of credit has been extended to Mota-Engil Nigeria to support the Kano-Maradi standard gauge railway project. This cross-border infrastructure effort is projected to create over 100,000 jobs during the construction phase, and provide 20,000 permanent positions once completed.

With these new investments, EBID’s total financial commitments within the region have reached $4.5 billion, further cementing the Bank’s pivotal role in promoting regional integration, economic transformation, and long-term sustainable growth.