By OpeOluwa Okudero 
In a bold move to accelerate development across West Africa, the ECOWAS Bank for Investment and Development (EBID) has approved a total of €230 million and $10 million in new financing to back strategic projects across the region.
The announcement came after the bank’s 91st ordinary Board meeting, chaired by Dr. George Donkor, President and Chairman of the EBID Board of Directors. The funding is targeted at high-impact sectors and is expected to significantly boost economic activity while aligning with broader sustainability goals.
Backing SMEs Across Nigeria
A major slice of the financing—$50 million—has been earmarked as a line of credit to Sterling Bank Nigeria. To support Small and Medium Enterprises (SMEs) across key sectors like healthcare, education, agriculture, renewable energy, and transport.
It is a commitment to empowering local businesses that form the backbone of Nigeria’s economy. By giving SMEs easier access to financing, EBID is helping to unlock innovation and growth where it matters most.
Benin’s Bold Bet on Cashew Processing
In Benin, EBID is putting €10 million toward a game-changing agribusiness project with Benin Cashew SA. The facility will help fund the construction of five cashew processing plants and a balsam production unit in the Glo-Djigbé Industrial Zone.
The impact is twofold: economic and social. The project is expected to meet 50% of Benin’s national cashew processing needs while generating over 1,600 permanent jobs—with a broader potential of creating up to 20,000 long-term jobs and 100,000 during the construction phase.
With this latest round of financing, EBID’s total commitments in West Africa now stand at an impressive $4.5 billion.
At a time when Africa is pushing for deeper regional integration and more inclusive economic models, strategic funding like this sets the stage for real transformation. Institutions like EBID are not just writing cheques—they’re reshaping the future of African enterprise.
Valentine Alexander
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