The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) has granted approval for a combined funding package amounting to €230 million and $10 million, aimed at boosting socio-economic development and regional progress within West Africa.
This decision was revealed in a statement issued by the bank following its 91st Ordinary Board Meeting, chaired by Dr. George Agyekum Donkor, the President and Chairman of EBID’s Board of Directors.
As part of the approved funding, EBID has sanctioned a $50 million credit line for Sterling Bank Limited in Nigeria.
This financial support is designed to assist Small and Medium Enterprises (SMEs) across critical sectors including agriculture, health, education, renewable energy, and transport, aligning with both Nigeria’s broader development goals and Sterling Bank’s SME-focused strategy.
Additionally, the bank approved a $180 million credit facility for Mota-Engil Nigeria to finance the construction of the Kano-Maradi standard gauge railway.
This major infrastructure project will connect Northern Nigeria to the Republic of Niger, fostering enhanced cross-border trade, economic integration, and improved mobility within the region.
It is projected that over 100,000 jobs will be created during the construction phase, with 20,000 permanent jobs available once the project becomes operational.
EBID emphasized that the approved initiatives align with the United Nations Sustainable Development Goals (SDGs), particularly SDG 9 (Industry, Innovation, and Infrastructure) and SDG 13 (Climate Action).
The projects are also consistent with the bank’s long-term vision of prioritizing investments that foster inclusive growth, stimulate regional trade, and strengthen economic resilience throughout West Africa.
The bank reiterated its commitment to supporting sustainable financing models and advancing regional transformation. In total, EBID’s investments in the West African sub-region now amount to $4.5 billion.
