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 boost socio-economic growth and regional development across West Africa. 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.
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 mobilise capital for transformative projects, especially in underfunded sectors across West Africa.
A breakdown of the approved funding showed that a $50 million line of credit was approved 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.
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).
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.
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