The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) has sanctioned a financing package totaling €230 million and $10 million to promote socio-economic advancement and regional development throughout West Africa.
This information was revealed in a statement released by the bank on Tuesday, following the conclusion of its 91st Ordinary Board Meeting, which was chaired by Dr. George Agyekum Donkor, the President and Chairman of the Board of Directors of EBID.
As the financial institution of the Economic Community of West African States (ECOWAS), EBID offers long-term financing for projects in both the public and private sectors across the 15 member states.
These recent allocations are part of EBID’s continuous initiative to mobilize funds for transformative projects, particularly in underfunded areas within West Africa.
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The approved funding includes a $50 million line of credit to Sterling Bank Limited in Nigeria, intended to support Small and Medium Enterprises (SMEs). The funds will be utilized in essential sectors such as health, education, agriculture, renewable energy, and transportation, aligning with Nigeria’s development goals and the bank’s pro-SME approach.
In the Republic of Benin, Bénin Cashew SA has been granted a €10 million facility to co-finance the establishment of five cashew nut processing plants and a cashew balsam production unit in the Glo-Djigbe industrial zone. This initiative is expected to process 50% of Benin’s national cashew output and create 1,666 permanent and temporary jobs, in accordance with the government’s Strategic Plan for the Development of the Agricultural Sector (PSDSA).
Additionally, EBID has approved a $180 million credit line for Mota-Engil Nigeria to facilitate the Kano-Maradi standard gauge railway project. This vital infrastructure will connect Northern Nigeria with the Republic of Niger, thereby enhancing cross-border trade, economic integration, and mobility. The railway project is anticipated to generate over 100,000 jobs during its construction phase.
