The ECOWAS Bank for Investment and Development (EBID) has disbursed over $2.5 billion to support nearly 300 projects across the West African subregion since its inception in 1999.
EBID President, Dr. George Donkor, made this known during an interactive session with heads of ECOWAS institutions and specialised agencies at the ongoing First Ordinary Session of the ECOWAS Parliament in Abuja on Thursday.
The session provided a platform for the bank to present its progress report and outline its vision for regional integration, economic transformation, and sustainable development in line with ECOWAS Vision 2050. The vision emphasises regional integration, social inclusion, and economic resilience.
Represented by MacDonald Goanue, the Bank’s Director of Research and Strategic Planning, Dr. Donkor said EBID had, over the past 26 years, positioned itself as the financial backbone of the ECOWAS region. He reaffirmed the institution’s commitment to regional growth through investments in infrastructure, energy, health, agriculture, education, and digital transformation.
“In 2024 alone, the Bank approved 10 new projects valued at UA 330.76 million (approximately $439.74 million) and appraised an additional 21 projects,” Donkor said.
Key flagship projects highlighted include the interconnection of electricity grids between Mali and Côte d’Ivoire, provision of solar electricity to 750 community facilities in Benin, and the construction of a vital bridge linking AIBD to Blaise Diagne Airport in Senegal.
Donkor also underscored EBID’s support for medium, small, and micro enterprises (MSMEs), and public-private partnerships, particularly in agro-processing and manufacturing sectors across the region.
He noted that the number of projects benefiting from disbursements rose from 56 in 2023 to 77 in 2024. However, the annual loan disbursement rate slightly declined to 20.54% in 2024 from 21.58% in 2023.
The EBID President described the Bank’s partnership with the ECOWAS Parliament as vital to achieving a stable, prosperous, and integrated West African subregion.
Donkor revealed that Nigeria remains the largest shareholder in the regional financial institution, holding approximately 33% of total shares, followed by Ghana and Côte d’Ivoire. He added that Nigeria is set to make an additional capital contribution of $100 million, reaffirming its strong commitment to regional economic integration.
“We finance private sector projects in Nigeria. The Bank of Industry is a client, and we’ve worked with several commercial banks. Ghana has paid its second tranche; Côte d’Ivoire is also doing very well,” he said.
He also disclosed that the Government of India has provided EBID with a credit facility of about $1 billion since 2006 to fund infrastructure, energy, transport, and private sector development across the subregion.
Clarifying the bank’s operations, Donkor noted that EBID is not a commercial bank and does not accept deposits. Its operations are financed primarily through contributions from Member States and international financial institutions.
Members of the ECOWAS Parliament commended the bank’s contributions to regional development and sought further clarification on specific projects, their sustainability, and implementation strategies. They also offered recommendations to enhance transparency, monitoring mechanisms, and inclusiveness in development financing.
Headquartered in Lomé, Togo, EBID is a leading regional investment and development institution owned by all ECOWAS Member States. It continues to play a central role in financing critical development initiatives in energy, transport, infrastructure, agriculture, and health throughout the subregion.
