The ECOWAS Bank for Investment and Development (EBID) has approved over $308 million in new financing to accelerate critical development initiatives across West Africa, focusing on clean energy, industrialisation, and food security.
The decision was made during the Bank’s 93rd Ordinary Session, where Dr. George Agyekum Donkor, President and Chairman of the Board of Directors, underscored EBID’s pivotal role in fostering inclusive growth and regional integration.
“Our focus is to provide catalytic financing that enables both public and private sector players to deliver transformative initiatives, building resilience and opportunity across the sub-region,” Dr. Donkor stated.
The substantial funding package is allocated to four strategic initiatives, with a heavy emphasis on Nigeria’s Taraba State, reflecting a commitment to sustainable growth models and economic diversification.
Key Investment Highlights
The largest single allocation, $98.18 million, is earmarked for a 50 MW Solar Photovoltaic Power Plant in Taraba State. This project directly addresses energy poverty and is projected to provide electricity access to nearly 390,000 individuals, while creating approximately 450 direct and permanent roles.
Boosting food self-sufficiency, $79.219 million has been approved for a modern rice processing complex and a 10,000-hectare irrigated rice production unit also in Taraba. This investment aims to significantly reduce reliance on imports and strengthen the agro-industrial sector.
In a move to accelerate local manufacturing, $91.232 million will fund a new industrial park in the same Nigerian state. The facility is designed to attract investment, nurture entrepreneurship, and create thousands of jobs, aiding Nigeria’s push to diversify its economy beyond hydrocarbons.
Bolstering Trade Finance
Separately, a $40 million line of credit was approved for Vista Bank Guinea. This financing is intended to bolster trade-related activities, supporting import-export operations and strengthening commercial value chains critical to Guinea’s economy. EBID estimates that the initiative will directly benefit around 105 enterprises and sustain several thousand jobs.
Taken together, the investments align closely with the United Nations Sustainable Development Goals (SDGs), particularly in clean energy (SDG 7), food security (SDG 2), and industrial innovation (SDG 9). The approvals reaffirm EBID’s growing role as a crucial development partner committed to building a more prosperous and resilient future for the ECOWAS region.
