The ECOWAS Bank for Investment and Development (EBID) has approved a substantial financing package totaling €230 million and $10 million to support critical economic sectors across West Africa. The decision was made during the bank’s 91st Ordinary Board Meeting chaired by EBID President Dr. George Agyekum Donkor, reinforcing the institution’s commitment to regional development.
The funding package includes several strategic allocations designed to stimulate growth and job creation. In Nigeria, Sterling Bank Limited will receive a $50 million line of credit specifically targeted at supporting Small and Medium Enterprises (SMEs) operating in vital sectors including health, education, agriculture, renewable energy, and transportation. This initiative aligns with both Nigeria’s national development objectives and EBID’s pro-SME financing strategy.
Benin’s cashew industry will benefit from a €10 million facility granted to Bénin Cashew SA. This funding will finance the construction of five cashew nut processing plants and a cashew balsam production unit in the Glo-Djigbe industrial zone. The project holds significant economic potential, with capacity to process 50% of Benin’s national cashew production while creating 1,666 permanent and daily jobs, supporting the government’s Strategic Plan for the Development of the Agricultural Sector (PSDSA).
A major infrastructure boost comes through the $180 million credit line approved for Mota-Engil Nigeria to advance the Kano-Maradi standard gauge railway project. This transnational rail link between Northern Nigeria and the Republic of Niger promises to enhance cross-border trade, economic integration, and regional mobility. The project is expected to generate over 100,000 jobs during construction and 20,000 permanent positions upon completion.
EBID emphasized that these investments directly support the United Nations Sustainable Development Goals, particularly SDG 9 (Industry, Innovation and Infrastructure) and SDG 13 (Climate Action). The bank noted these projects reflect its strategic focus on sectors that drive inclusive growth, promote intra-regional trade, and build economic resilience across West Africa.
With these new approvals, EBID’s total financial commitments in the sub-region now amount to $4.5 billion, demonstrating the institution’s growing role as a catalyst for West Africa’s socioeconomic transformation. The bank reaffirmed its dedication to mobilizing capital for high-impact projects that address development gaps and create sustainable value across its 15 member states.
