The ECOWAS Bank for Investment and Development (EBID) has sanctioned a funding package totaling $308.631 million to support initiatives in clean energy, industrial advancement, and sustainable economic growth throughout West Africa.
This decision was reached during the bank’s 93rd Ordinary Session, convened at its headquarters in Lomé, Togo.
George Donkor, EBID’s President and Chairman of the Board, highlighted that this financial backing is aimed at bolstering regional cohesion and encouraging economic diversification, consistent with the bank’s mission to promote sustainable development within the Economic Community of West African States (ECOWAS).
A major share of the funds is designated for Nigeria, where $98.18 million has been approved for the development of a 50 MW Solar Photovoltaic Power Plant in Taraba State.
Donkor emphasized that this project will enhance access to dependable, renewable electricity, alleviate energy poverty, and support environmental conservation efforts.
EBID projects that the solar facility will supply electricity directly to approximately 390,000 residents, improve power availability for over 200 public institutions, generate 400 construction-phase jobs, and sustain 50 permanent positions once operational.
Moreover, the initiative is expected to create between 1,200 and 1,500 indirect employment opportunities through associated supply chains, maintenance services, and small business ventures.
Additionally, the bank has allocated $79.219 million for the establishment of a state-of-the-art rice processing facility and a 10,000-hectare irrigated rice farming project, also situated in Taraba State.
This agricultural endeavor aims to enhance food security, boost domestic production, and open new avenues for agribusiness development in Nigeria.
To further stimulate industrial growth, EBID approved $91.232 million for the creation of the Taraba State Industrial Park.
Designed as a comprehensive industrial hub, the park will accelerate local manufacturing, increase value-added production, and support economic diversification efforts.
In Guinea, the bank committed $40 million to Vista Bank to reinforce trade activities, including import-export operations and commercial supply chains.
Donkor underscored that these funding approvals reflect EBID’s dedication to forging strategic collaborations with both governmental and private sector partners, aligning with regional priorities such as clean energy adoption, agricultural enhancement, and industrial expansion.
“These investments are poised to reshape the economic landscape of our member countries, uplift communities by generating employment, improve energy accessibility, and boost regional competitiveness,” he stated.