The ECOWAS Bank for Investment and Development (EBID) has approved a fresh financing package of €230 million and $10 million to boost economic growth and regional development across West Africa.
This announcement was made in a statement released after the bank concluded its 91st Ordinary Board Meeting, chaired by Dr. George Agyekum Donkor, the President and Chairman of the Board of Directors of EBID.
As part of the new commitment, Sterling Bank Limited in Nigeria will receive a $50 million line of credit.
The funding is aimed at supporting Small and Medium Enterprises (SMEs) across sectors such as health, education, agriculture, renewable energy, and transport.
This aligns with both Nigeria’s development goals and EBID’s strategic focus on SMEs as key drivers of economic progress.
In the Republic of Benin, a €10 million facility has been approved for Bénin Cashew SA.
The funds will be used to co-finance the development of five cashew processing plants and a cashew balsam production unit within the Glo-Djigbe industrial zone.
This project is expected to process 50% of Benin’s total cashew output and generate 1,666 jobs, both permanent and daily, under the national Strategic Plan for the Development of the Agricultural Sector (PSDSA).
Further strengthening infrastructure in the region, EBID has also approved a $180 million credit line to Mota-Engil Nigeria to support the Kano-Maradi standard gauge railway project.
The railway is expected to enhance cross-border trade between Northern Nigeria and the Republic of Niger.
According to project estimates, the construction phase will generate over 100,000 jobs, while 20,000 permanent positions will be created once operations begin.
EBID emphasized that all approved projects are in line with the United Nations Sustainable Development Goals, specifically SDG 9, which targets industry, innovation, and infrastructure, and SDG 13, which focuses on climate action.
The bank stated that the investments reflect its commitment to supporting sectors that foster inclusive growth, encourage regional commerce, and build economic resilience.
“With this investment, EBID’s total commitments in the sub-region amount to $4.5 billion,” the statement concluded.
As the financial institution of ECOWAS, EBID continues to provide long-term funding for public and private sector initiatives across the 15 member states, channeling capital into underfunded but high-impact sectors to promote lasting transformation across West Africa.
