The ECOWAS Bank for Investment and Development (EBID) has approved $308.63 million to finance major projects in clean energy, industrial development, and sustainable growth across West Africa, in a move designed to boost economic diversification and regional integration.
The funding decisions were made during the Bank’s 93rd Ordinary Session in Lomé, chaired by Dr. George Agyekum Donkor, EBID’s President and Board Chair, who said the approvals reflect the Bank’s mission to promote inclusive and sustainable development across the region.
A key part of the investment includes a $40 million line of credit to Vista Bank Guinea to support trade-related activities such as import-export operations and commercial value chains. The initiative is expected to support about 105 enterprises, create thousands of direct and indirect jobs, and reduce unemployment in the country.
In Nigeria, EBID approved $98.18 million for the construction of a 50 MW solar power plant in Taraba State. The project will deliver clean and reliable electricity to an estimated 390,000 people and more than 200 public institutions. It is also expected to generate 400 construction jobs, 50 permanent positions, and up to 1,500 indirect jobs in supply chain and maintenance services — providing a significant boost to local employment and energy access.
The Bank also approved $79.22 million for the establishment of a modern rice processing complex and a 10,000-hectare irrigated farm in Taraba, aimed at strengthening food security, increasing agricultural output, and stimulating local economic growth.
Additionally, $91.23 million has been allocated for the development of an industrial park in Taraba State. Designed to accelerate industrialisation and economic diversification, the park will provide a modern ecosystem for small and large businesses, enhancing value addition, job creation, and private sector participation.
EBID said these investments underline its commitment to advancing the United Nations Sustainable Development Goals (SDGs), particularly those focused on zero hunger, affordable clean energy, decent work, sustainable industrialisation, and climate action.
“With these new commitments, EBID is strengthening its developmental footprint and reinforcing its role as a driver of sustainable economic growth across the ECOWAS region,” Dr. Donkor stated.
For small and medium-scale enterprises, the projects present new opportunities to scale operations, access reliable infrastructure, and participate more actively in regional value chains, further positioning West Africa as a growing hub for innovation, agribusiness, and renewable energy.
