The ECOWAS Bank for Investment and Development (EBID) has disbursed more than $2.5 billion in support of approximately 300 projects across the ECOWAS sub-region since its establishment in 1999.
EBID President, Dr George Donkor, disclosed this during an interactive session with heads of ECOWAS institutions and specialised agencies at the ongoing First Ordinary Session of the ECOWAS Parliament, held on Thursday in Abuja.
Mr MacDonald Goanue, EBID’s Director of Research and Strategic Planning, during the interactive session at the parliament’s plenary on Thursday in Abuja
The session was organised to allow the bank to present its progress report and strategic vision for fostering regional integration, economic transformation, and sustainable development.
The session also underscored EBID’s alignment with ECOWAS’ Vision 2050, which prioritises regional cohesion, social inclusion, and economic resilience.
Represented by Mr MacDonald Goanue, the bank’s Director of Research and Strategic Planning, Dr Donkor stated that EBID had, over the past 26 years, established itself as the financial backbone of the region.
He reiterated the bank’s commitment to regional development through strategic 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 21 additional initiatives,” Donkor noted.
Flagship projects cited included the interconnection of electricity networks between Mali and Côte d’Ivoire; the provision of solar energy to 750 community facilities in Benin; and the construction of a key bridge linking AIBD to Blaise Diagne Airport in Senegal.
The bank also continued its support for Medium, Small and Micro Enterprises (MSMEs), and facilitated public-private partnerships, particularly in agro-processing and manufacturing, throughout the ECOWAS region.
“The number of projects receiving disbursements rose from 56 in 2023 to 77 in 2024,” he added. “However, the annual loan disbursement rate slightly declined from 21.58 per cent in 2023 to 20.54 per cent in 2024.”
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Donkor emphasised the importance of the partnership between EBID and the ECOWAS Parliament in achieving a stable, prosperous, and integrated sub-region.
He also revealed that Nigeria remains the largest shareholder in the bank, holding approximately 33 per cent of the total shares, followed by Ghana and Côte d’Ivoire.
“Nigeria is the largest contributor and is currently in the process of making an additional capital contribution of $100 million to EBID,” he said. “We finance private sector projects in Nigeria. The Bank of Industry is one of our clients, and we also collaborate with commercial banks.”
Donkor added that Ghana had completed its second tranche payment, while Côte d’Ivoire was also performing commendably.
He further disclosed that the Government of India had provided EBID with a $1 billion credit facility since 2006 to support infrastructure, energy, transport, and private sector development in West Africa.
Clarifying EBID’s role, he explained that the institution is not a commercial bank and does not accept deposits. Its operations are primarily financed through Member States’ contributions and international funding sources.
During the interactive session, Mr Goanue addressed the Parliament’s plenary, responding to comments and questions from regional legislators.
Parliamentarians praised the bank’s efforts in driving regional development and called for greater transparency, stronger monitoring systems, and more inclusive development financing strategies.
