The ECOWAS Bank for Investment and Development says Nigeria is its biggest contributor and is expected to provide additional financing of $100 million. EBID said it had disbursed more than $2.5 billion supporting about 300 projects across the ECOWAS subregion since its inception in 1999.

EBID president George Donkor announced this during an interactive session with heads of ECOWAS institutions and specialised agencies at the ongoing First Ordinary Session of ECOWAS Parliament on Thursday in Abuja.

Mr Donkor said EBID had, within 26 years, positioned itself as the financial backbone of the ECOWAS region. He reaffirmed the institution’s commitment to regional development through its strategic investments in infrastructure, energy, health, agriculture, education, and digital transformation across West Africa.

“In 2024 alone, the Bank approved 10 new projects worth UA 330.76 million ($439.74 million) and appraised 21 additional projects,” he said.

Mr Donkor said the bank’s key flagship initiatives included connecting electricity networks between Mali and Côte d’Ivoire, solar electricity of 750 community facilities in Benin, and constructing a vital bridge linking AIBD to Blaise Diagne Airport in Senegal.

He said EBID also boosted medium, small and micro entrepreneurs financing supported public-private partnerships, especially in agro-processing and manufacturing, among others, across the ECOWAS subregion.

“The number of projects benefiting from disbursements increased from 56 in 2023 to 77 in 2024. The annual loan disbursement rate was approximately 20.54 per cent in 2024, slightly down from 21.58 per cent in 2023,” he said.

The bank’s president stressed that the partnership between EBID and the Ecowas Parliament was essential to realising a stable, prosperous and integrated sub-region.

He also disclosed that Nigeria is the largest shareholder in the regional financial institution, with approximately 33 per cent of total shares, followed by Ghana and Ivory Coast, respectively.

Mr Donkor said Nigeria would soon give an additional $100 million capital contribution to EBID, which he described as a reaffirmation of its strong commitment to regional economic integration and development.

He said, “Nigeria is the biggest contributor. Nigeria is in the process of even paying $100 million to the bank. We finance private projects in Nigeria. The Bank of Industry is our client.

“We have done business with commercial banks and so on. So, we do a lot in Nigeria. Ghana has paid its second tranche; Côte d’Ivoire is doing very well.”

The bank’s president also disclosed that the Indian government provided about $1 billion to fund infrastructure, energy, transport, and private sector development across West Africa from 2006 to date.

Mr Donkor explained that EBID is not a commercial bank and does not take deposits, adding that its operations relied mainly on member states’ contributions and international financing facilities.