The ECOWAS Bank for Investment and Development (EBID) has approved $308.631 million to catalyze strategic investments in clean energy, industrial development, and sustainable growth across West Africa.
This approval was made during the bank’s 93rd Ordinary Session in Lomé, Togo. According to Dr. George Agyekum Donkor, President and Chairman of EBID’s Board of Directors, the newly approved financing will advance strategic public and private sector initiatives.
The approved projects include a 50 MW Solar Photovoltaic Power Plant in Taraba State, Nigeria, which will provide clean and reliable electricity to approximately 390,000 people and 200 public institutions. The project is expected to create 400 direct jobs during construction and 50 permanent operational roles, with an additional 1,200 1,500 indirect jobs emerging across supply chains and services.
The Taraba State Industrial Park will receive $91.232 million to develop a modern, integrated industrial ecosystem, accelerating local industrialization and economic diversification. This investment is expected to boost economic growth and create new opportunities for businesses in the region.
A modern rice processing complex and irrigated rice production unit will also be developed, with an investment of $79.219 million. This project aims to boost food security and reduce Nigeria’s dependence on rice imports. According to EBID, the project will have a significant impact on the local economy and improve food availability.
In addition to these projects, a $40 million credit line will be provided to Vista Bank in Guinea to strengthen trade related operations, including import export activities and commercial value chains. This credit line is expected to support the growth of small and medium sized enterprises in the region.
The approved projects aim to enhance access to reliable and clean electricity, drive inclusive economic growth, reduce energy poverty, and support environmental sustainability. The projects are expected to have a significant impact on the region, creating jobs and stimulating economic growth.