EBID approves €61m, $100m to spur trade, sustainable development in West Africa

The Board of Directors of the ECOWAS Bank for Investment and Development (EBID), at its 89th Ordinary Session, approved investments totalling EUR 61 million and USD 100 million to stimulate the infrastructure, trade, and sustainable development sectors in West Africa.

The session was held on October 1, 2024, at the Bank’s headquarters in Lomé, Togo, under the chairmanship of Dr George Agyekum Donkor, President and Chairman of the Board of Directors.

A press statement said Dr Donkor emphasised that the approved investments are in line with the Bank's mission to promote sustainable development and regional integration for the ECOWAS sub-region while driving growth in economic activity.

For the private sector, a USD 100 million line of credit was granted to Access Bank Plc in the Federal Republic of Nigeria to support SMEs to expand operations in the various sectors while for the public sector, three projects totalling EUR 61 million were approved in the Federal Republic of Nigeria to support infrastructure, transport, health and sustainable development.

The approved projects aligned with the United Nations Sustainable Development Goals (SDGs) as well as the Bank’s Strategic Plan for 2021-2025.

These approvals bring EBID’s total commitments in the ECOWAS region to USD 4.2 billion, of which total commitments in the Federal Republic of Nigeria amounts to USD 408 million.

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