This decision was made during its 91st Ordinary Board Meeting, held virtually on April 3, 2025.
Dr. George Agyekum Donkor, President of EBID and Chair of the Board, led the meeting.
He emphasized that the approved funds will help strengthen economic ties within the ECOWAS region and advance projects aligned with global and regional development goals.
The new approvals focus on promoting industry, innovation, infrastructure, and climate action, in line with the United Nations Sustainable Development Goals (SDGs), especially SDG 9 and SDG 13.
One of the key beneficiaries is Sterling Bank Limited in Nigeria, which will receive a $50 million credit line.
This facility is aimed at supporting small and medium-sized enterprises (SMEs) in sectors such as health, education, agriculture, transport, and renewable energy.
The funding is expected to improve SME access to financing and drive inclusive economic growth across Nigeria.
In Benin, EBID approved €10 million in funding for Bénin Cashew SA, a local agro-industry company.
The money will help build five cashew processing plants and a balsam production facility in the Glo-Djigbé Industrial Zone.
This project, which supports Benin’s agricultural development plan, will allow the country to process half of its annual cashew production. It is expected to create 1,666 direct jobs, contributing to rural employment and industrial growth.
A major infrastructure project—the Kano-Maradi railway—also secured support.
EBID granted a $180 million credit line to Mota-Engil Nigeria to help finance the railway, which will connect northern Nigeria to Niger.
The railway aims to improve regional trade and transport. During its construction, the project is set to create over 100,000 jobs, with 20,000 permanent roles once it becomes operational.
With these new approvals, EBID’s total investments in the ECOWAS region now stand at $4.5 billion. This reflects the Bank’s growing role in financing development and promoting economic stability in West Africa.
Dr. Donkor highlighted the significance of the new projects, noting that they are not only addressing current needs but also laying the foundation for sustainable growth.
These investments demonstrate EBID’s commitment to aligning with national priorities and global development frameworks. Through its funding programs, the Bank continues to play a key role in shaping West Africa’s future.
