Quick Summary: The ECOWAS Bank for Investment and Development (EBID) has announced a €230 million and $10 million funding package to accelerate economic development in West Africa. Key allocations include $50 million to support SMEs in Nigeria, €10 million for cashew processing in Benin, and $180 million for the Kano-Maradi railway. These initiatives align with the UN Sustainable Development Goals and EBID’s long-term strategy for regional growth and resilience.
The ECOWAS Bank for Investment and Development (EBID) has approved a new financing package to support economic growth across West Africa. The package includes €230 million and $10 million in funding.
This announcement was made in a statement by the bank following its 91st Ordinary Board Meeting. The meeting was chaired by Dr. George Agyekum Donkor, President and Chairman of the EBID Board of Directors.
Key Projects Funded
$50 Million for Nigerian SMEs
Sterling Bank Limited in Nigeria will receive a $50 million line of credit. This funding will support Small and Medium Enterprises (SMEs) in vital sectors. These include health, education, agriculture, renewable energy, and transport.
The goal is to help Nigeria meet its development objectives while strengthening the SME sector.
€10 Million for Cashew Processing in Benin
In the Republic of Benin, Bénin Cashew SA will receive €10 million. The funds will co-finance five cashew nut processing plants and a balsam production unit in the Glo-Djigbe industrial zone.
The project is expected to process 50% of Benin’s cashew production. It will also create over 1,600 permanent and daily jobs under Benin’s Strategic Plan for Agricultural Development (PSDSA).
$180 Million for Kano-Maradi Railway
EBID also approved $180 million for Mota-Engil Nigeria. The funding will support the Kano-Maradi standard gauge railway project.
This major infrastructure will connect Northern Nigeria to the Republic of Niger. It aims to boost cross-border trade and regional mobility.
The project is expected to create more than 100,000 jobs during construction and 20,000 permanent jobs once complete.
Supporting Sustainable Growth
EBID said the new projects align with key Sustainable Development Goals (SDGs), including:
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 13: Climate Action
The bank emphasized its commitment to financing projects that promote inclusive growth, enhance regional trade, and build economic resilience.
“With this investment, EBID’s total commitments in the sub-region amount to $4.5 billion,” the statement added.
About EBID
EBID is the financial arm of the Economic Community of West African States (ECOWAS).
The bank provides long-term funding for public and private projects across all 15 ECOWAS member states.
These new disbursements are part of EBID’s broader mission to drive regional transformation and invest in underfunded sectors.
