By NIyi Jacobs
The ECOWAS Bank for Investment and Development (EBID) has approved a fresh financing package of EUR 230 million and USD 10 million to support key development projects across West Africa. The approval came during the Bank’s 91st Ordinary Board Meeting held via videoconference on April 3, 2025, under the chairmanship of Dr. George Agyekum Donkor, President and Chairman of the Board of Directors.
The funding is earmarked for projects that target infrastructure, industrial growth, and economic inclusion across member states:
Nigeria: A USD 50 million line of credit was granted to Sterling Bank Limited to enhance financing for small and medium enterprises (SMEs) in critical sectors including health, education, agriculture, renewable energy, and transport.
Benin Republic: A EUR 10 million facility was approved for Bénin Cashew SA to co-finance the construction of five cashew processing units and a cashew balsam production facility in the Glo-Djigbé Industrial Zone (GDIZ). The project is projected to meet 50% of Benin’s cashew processing needs and generate over 1,600 permanent and daily jobs under the country’s Strategic Plan for Agricultural Development.
Nigeria-Niger: EBID also approved a USD 180 million credit line to Mota-Engil Nigeria for the co-financing of the Kano-Maradi standard gauge railway. The cross-border railway, linking northern Nigeria with Niger, is expected to deepen regional integration, ease trade logistics, and create over 100,000 jobs during construction, with an additional 20,000 permanent roles upon completion.
These investments align with EBID’s strategic priorities and the United Nations Sustainable Development Goals—specifically SDG 9 (Industry, Innovation, and Infrastructure) and SDG 13 (Climate Action). With this new funding round, the Bank’s total commitments in the sub-region now stand at USD 4.5 billion.
