The ECOWAS Bank for Investment and Development (EBID) has approved a total of $308.63 million to finance strategic projects in clean energy, industrial development, and sustainable growth across the region.
The approvals were made during the Bank’s 93rd Ordinary Session, held at its Lomé headquarters under the chairmanship of Dr. George Agyekum Donkor, EBID’s President and Board Chair.
Dr. Donkor said the funding decisions align with the Bank’s mandate to drive regional integration and economic diversification while promoting sustainable development in West Africa.
Among the projects approved is a $40 million line of credit for Vista Bank Guinea to support trade-related activities such as import-export operations and commercial value chains. The initiative is expected to benefit about 105 enterprises, create thousands of direct and indirect jobs, and reduce unemployment.
In Nigeria, the Bank approved $98.18 million for the development of a 50 MW solar power plant in Taraba State. The project is expected to provide clean and reliable electricity to about 390,000 people and at least 200 public institutions. It will also generate 400 construction jobs, 50 permanent roles, and up to 1,500 indirect jobs through supply chain and maintenance services.
Another $79.22 million will go towards the establishment of a modern rice processing complex and a 10,000-hectare irrigated farm in Taraba State. The project aims to boost Nigeria’s food security, strengthen agricultural output, and support economic growth in the state. In addition, EBID has approved $91.23 million for the development of an industrial park in Taraba, designed to accelerate local industrialisation and foster economic diversification through the creation of a modern industrial ecosystem.
EBID said the projects reflect its commitment to the United Nations Sustainable Development Goals (SDGs), particularly on hunger reduction, clean energy, decent work, industrialisation, and climate action.
‘With these new commitments, EBID is strengthening developmental footprint and reinforcing its role as a driver of sustainable economic growth across the ECOWAS region,’ Dr. Donkor stated.