The ECOWAS Bank for Investment and Development board of directors has approved a total of €230 million and $10 million to finance projects to stimulate development and boost economic activities in West Africa.

A statement by the bank on Tuesday said the financing package was granted during the 91st ordinary board meeting, held under the chairmanship of George Donkor, president of the board of Directors of EBID.

The statement said the facilities would give a $50 million line of credit to Sterling Bank in Nigeria to support small and medium enterprises operating in various sectors, including health, education, agriculture, renewable energy, and transport.

A €10 million facility will be given to Benin Cashew SA to co-finance the construction of five cashew nut processing units and a cashew balsam production unit in the Glo Djigbe industrial zone in the Republic of Benin.

This project is estimated to cover 50 per cent of national cashew production needs while creating 1,666 permanent and daily jobs within the framework of Benin’s Strategic Plan for the Development of the Agricultural Sector.

Additionally, a $180 million line of credit will go to Mota-Engil, Nigeria, to co-finance the Kano-Maradi standard gauge rail project, linking northern Nigeria to the Niger Republic.

The project will strengthen regional integration, facilitate cross-border trade, and create over 100,000 jobs during construction and 20,000 permanent jobs once operational.

According to it, the newly approved commitments align with the United Nations Sustainable Development Goals, particularly SDG 9 – industry, innovation and infrastructure, and SDG 13 – Climate Action.

It added that the commitment also aligned with EBID’s strategy to develop priority sectors.

With this investment, EBID’s total commitments in the sub-region amount to  $4.5 billion. 

(NAN)