ECOWAS Bank Approves €230 Million to Strengthen West African Infrastructure

The ECOWAS Bank for Investment and Development (EBID) has approved a financing package worth €230 million and $10 million aimed at driving economic growth and infrastructure development across West Africa. This funding, approved during the 91st ordinary meeting of the Bank’s Board of Directors under the chairmanship of Dr. George Donkor, is set to support strategic projects in key sectors, including agriculture, transport, energy, and health.

Among the approved projects is a $50 million line of credit to Sterling Bank Ltd. in Nigeria. This facility will assist Small and Medium Enterprises (SMEs) in sectors such as health, education, agriculture, renewable energy, and transport, thereby boosting the country’s economy and enhancing job creation across diverse industries.

The Bank also approved a €10 million facility for Bénin Cashew SA. This will co-finance the construction of five cashew nut processing units and a cashew balsam production unit at the Glo Djigbe industrial zone in Benin. The project is expected to significantly impact national production, meeting about 50% of the country’s cashew nut needs, while creating over 1,600 permanent jobs. This initiative is part of Benin’s broader strategic plan to advance the agricultural sector.

In a major boost to regional connectivity, EBID sanctioned a $180 million line of credit for Mota-Engil Nigeria. This financing will support the Kano-Maradi standard gauge rail project, which will link northern Nigeria to neighboring Niger. Upon completion, this rail project will enhance regional integration, facilitate cross-border trade, and generate more than 100,000 jobs during its construction phase, with 20,000 permanent jobs upon full operation.

These investments align with the United Nations Sustainable Development Goals (SDGs), particularly SDG 9 (Industry, Innovation, and Infrastructure) and SDG 13 (Climate Action). The EBID’s support for these key infrastructure projects is also in line with its broader strategy to promote development in priority sectors across West Africa.

Following these recent approvals, EBID’s total commitments to the sub-region have now reached $4.5 billion, further reinforcing the Bank’s role as a key player in the development of West African economies.