The ECOWAS Bank for Investment and Development (EBID) has announced the approval of a combined €230 million and $10 million financing package aimed at accelerating socio-economic development and regional integration across West Africa.
This major financial boost was confirmed following the bank’s 91st Ordinary Board Meeting, chaired by EBID President and Board Chair, Dr. George Agyekum Donkor. According to the statement released on Tuesday, the funding will be channeled into projects that target critical sectors and strategic infrastructure across Nigeria, Benin, and the wider region.
As part of the package, Sterling Bank in Nigeria will receive a $50 million line of credit. This facility is intended to support small and medium enterprises operating in essential areas such as health, education, agriculture, renewable energy, and transport. The funding aligns with Nigeria’s national development goals and EBID’s pro-SME strategy, which emphasizes inclusive economic participation and grassroots empowerment.
In the Republic of Benin, €10 million will be deployed to support Bénin Cashew SA in establishing five cashew nut processing plants and a balsam production unit in the Glo-Djigbe industrial zone. Once completed, the project is expected to process half of Benin’s cashew output and generate over 1,600 permanent and daily jobs. The investment is a significant contribution to the country’s agricultural modernization under its Strategic Plan for the Development of the Agricultural Sector (PSDSA).
EBID has also approved $180 million to finance the Kano-Maradi railway project, awarding the credit line to construction firm Mota-Engil Nigeria. The standard gauge rail line will link Kano in Northern Nigeria with Maradi in Niger Republic, creating a major trade corridor. It is projected to generate over 100,000 jobs during construction and sustain at least 20,000 permanent jobs after completion, boosting mobility, trade, and regional integration.
The bank emphasized that these new financing commitments reflect its strategic alignment with key global and regional goals, particularly the United Nations Sustainable Development Goals—namely SDG 9 (Industry, Innovation and Infrastructure) and SDG 13 (Climate Action). The investments also fall within EBID’s broader plan to increase regional economic resilience, deepen trade ties, and support climate-resilient infrastructure.
With this new round of funding, EBID’s total commitments across West Africa have reached $4.5 billion. As the financial institution of ECOWAS, the bank continues to play a pivotal role in channeling long-term finance into public and private sector projects across the region’s 15 member states, especially in areas often overlooked by traditional financing.
The latest disbursements reaffirm EBID’s commitment to driving transformation through sustainable financing that unlocks opportunities, strengthens regional ties, and builds a more inclusive and prosperous West Africa.
