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The ECOWAS Bank for Investment and Development (EBID) has financed over 300 projects worth over $2.5 billion across West Africa, underscoring its central role in the region’s economic transformation.
The announcement came during an interactive session between EBID officials and the ECOWAS Parliament on Thursday, May 22, in Abuja, during the Parliament’s First Ordinary Session.
The event spotlighted the bank’s expanding role under ECOWAS’ Vision 2050 — a long-term plan for regional integration, social inclusion, and sustainable development.
Speaking on behalf of EBID President Dr. George Donkor, Director of Research and Strategic Planning Mr. MacDonald Goanue described EBID as “the region’s financial backbone,” supporting critical sectors such as infrastructure, energy, agriculture, education, and digital innovation.
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“In just this year alone, we’ve approved 10 new projects worth nearly $440 million and evaluated 21 more proposals,” Goanue said, highlighting the bank’s growing portfolio.
Support for Medium, Small, and Micro Enterprises (MSMEs) and stronger public-private partnerships in manufacturing and agro-processing are among the bank’s top priorities.
“These are essential for building economic resilience and creating jobs,” Goanue emphasised.
Project disbursement trends also show growth, with funded projects rising from 56 in 2023 to 77 in 2024, although the annual loan disbursement rate dipped slightly to 20.54%.
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Calling for continued collaboration, Goanue stated, “This partnership with the ECOWAS Parliament is crucial. It’s how we can build a stronger, more united West Africa.”
He also reaffirmed Nigeria’s leading role in the institution, noting the country holds about one-third of EBID’s total shares.