The ECOWAS Bank for Investment and Development (EBID) has approved a total of $308.631 million to fund strategic projects aimed at advancing clean energy, industrial development, and sustainable growth across West Africa, with significant allocations for Nigeria and Guinea.
The decision was made during EBID's 93rd Ordinary Session of the Board of Directors at its headquarters in Lomé, Togo, on September 29, 2025.
EBID President and Chairman Dr. George Agyekum Donkor highlighted that the financing supports public and private sector initiatives to strengthen regional integration and economic diversification in line with the bank's mandate.
Key projects in Nigeria include a $98.18 million solar power initiative to enhance renewable energy access, a $79.219 million modern rice processing complex and 10,000-hectare irrigated rice production unit in Taraba State to boost food security and agribusiness, and a $91.232 million facility for the Taraba State Industrial Park to drive local industrialization.
In Guinea, $40 million has been allocated as a credit line to Vista Bank to support SMEs, trade, and commercial value chains.
These investments align with the United Nations Sustainable Development Goals, particularly those related to affordable clean energy, industry innovation, and climate action, positioning EBID as a key driver of resilient economic progress in the ECOWAS region.
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com