ECOWAS Bank Approves $166.9 Million Investment to Boost Infrastructure, Trade and Development in West Africa
The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) has approved substantial investments totaling EUR 61 million and USD 100 million – $166.9m in total – aimed at bolstering infrastructure, trade, and sustainable development across West Africa.
This decision was made during the Bank’s 89th Ordinary Session, held on October 1, 2024, at its headquarters in Lomé, Togo, under the leadership of Dr. George Agyekum Donkor, President and Chairman of the Board.
In a statement following the meeting, Dr. Donkor underscored that these investments are integral to EBID’s mission of fostering sustainable development and regional integration within the ECOWAS sub-region.
The approved funding includes a USD 100 million line of credit extended to Access Bank Plc in Nigeria, designed to empower small and medium-sized enterprises (SMEs) to expand their operations across various sectors.
Additionally, the Board approved three public sector projects in Nigeria, totaling EUR 61 million, aimed at enhancing infrastructure, transport, health, and sustainability initiatives.
These projects are strategically aligned with the United Nations Sustainable Development Goals (SDGs) and are part of the Bank’s Strategic Plan for 2021-2025.
With these recent approvals, EBID’s total commitments in the ECOWAS region have reached USD 4.2 billion, with Nigeria alone accounting for USD 408 million of this total.
The move signals the Bank’s ongoing commitment to facilitating economic growth and development in a region that faces significant infrastructural and developmental challenges.
