In a bold move set to reshape the economic and infrastructural landscape of West Africa, the ECOWAS Bank for Investment and Development (EBID) has approved a whopping $125 million to finance landmark development projects across multiple member states.
The bank’s Board of Directors announced the approval during its high-level session in Lomé, Togo, reaffirming EBID’s unwavering commitment to regional integration, economic growth, and sustainable development.🚀 What the $125 Million Will Fund:The newly approved financing will be strategically invested in priority sectors critical to the region’s development:
✅ Energy and Power: Significant funds will support rural electrification, renewable energy solutions, and national grid upgrades to improve access to stable and affordable electricity.
✅ Road and Transport Infrastructure: Cross-border highways, bridges, and transport logistics networks will be expanded to ease regional trade and movement of people and goods.
✅ Agricultural Development: Funds will empower farmers and agro-based industries with equipment, processing centers, and irrigation to boost food production and reduce import dependency.
✅ Health and Education: Construction and rehabilitation of hospitals, schools, and technical institutions to enhance access to quality healthcare and learning across the region
.✅ SME Financing: Support for small and medium-scale businesses through affordable credit schemes, especially targeting youth and women-led enterprises.🗣️ EBID President Speaks speaking after the board’s approval, Dr. George Agyekum Donkor, President of EBID, said:
This $125 million investment will serve as a catalyst for inclusive development, regional competitiveness, and job creation. Our mission is clear — to finance projects that make a real impact in the lives of West Africans.”He stressed the bank’s determination to support both public and private sector-led initiatives that align with the vision of a self-sufficient, interconnected, and economically vibrant West Africa.🌍
A Region on the Rise this latest round of funding couldn’t have come at a better time, as many ECOWAS member nations continue to recover from the shocks of COVID-19, economic instability, and climate-related crises.
The move by EBID is expected to, Boost investor confidence in West African Economy accelerate the African Continental Free Trade Agreement (AfCFTA) Implementation strengthen resilience in critical sectors like agriculture, infrastructure, and healthcare🏦 About EBID The ECOWAS Bank for Investment and Development (EBID) is the financial arm of ECOWAS, with a mandate to promote regional integration and development by funding viable projects across 15 West African nations.
Since inception, the bank has financed over $3 billion worth of projects in the subregion.
