The ECOWAS Bank for Investment and Development (EBID) has approved $308.631 million to finance clean energy, industrial development, and sustainable growth projects across the West African region.
The approval came during the bank’s 93rd Ordinary Session held at its headquarters in Lomé, Togo.
George Donkor, President and Chairman of the Board of Directors of EBID, said the financing would strengthen regional integration and promote economic diversification in line with the bank’s mandate to drive sustainable development across the Economic Community of West African States (ECOWAS).
A significant portion of the financing is earmarked for Nigeria, as the bank approved $98.18 million for the construction of a 50 MW Solar Photovoltaic Power Plant in Taraba State.
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The project, according to Donkor, is expected to expand access to reliable, clean electricity, reduce energy poverty, and promote environmental sustainability.
According to EBID, the facility will directly provide electricity to about 390,000 people, enhance power supply for more than 200 public institutions, create 400 direct jobs during construction, and provide 50 permanent roles once operational.
In addition, between 1,200 and 1,500 indirect jobs are expected to be generated through supply chains, maintenance services, and small-scale enterprises.
The bank also approved $79.219 million for a modern rice processing complex and a 10,000-hectare irrigated rice production unit, also located in Taraba State.
The project aims to support food security, increase local production capacity, and create new opportunities for agribusiness in Nigeria.
In further support of industrialisation, EBID approved $91.232 million for the establishment of the Taraba State Industrial Park.
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The park is designed as an integrated industrial ecosystem that will accelerate local manufacturing, enhance value addition, and support economic diversification.
The bank also allocated $40 million to Vista Bank in Guinea to strengthen trade-related activities, including import-export operations and commercial value chains.
Donkor stressed that the financing decisions demonstrate EBID’s commitment to fostering strategic partnerships with both public and private sector stakeholders, while aligning with broader regional priorities for clean energy adoption, agricultural development, and industrial growth.
“These projects will not only transform the economic landscape of our member states but also uplift communities by creating jobs, improving energy access, and enhancing regional competitiveness,” he said.
