…Sterling Bank Receives $50m Credit Line to Empower SMEs
In a significant push to stimulate economic growth and regional integration across West Africa, the Board of Directors of the ECOWAS Bank for Investment and Development (EBID) has approved €230 million and $10 million in new financing commitments.
These approvals were made during the 91st Ordinary Board meeting held virtually on April 3, 2025, and chaired by EBID President, Dr. George Agyekum Donkor.
Key Approvals and Projects
$50 Million Credit Line to Sterling Bank (Nigeria)
Sterling Bank will receive $50 million to support Small and Medium Enterprises (SMEs) in vital sectors including:
- Health
- Education
- Agriculture
- Renewable Energy
- Transport
This funding is expected to fuel economic empowerment, job creation, and innovation within Nigeria’s private sector.
€10 Million to Bénin Cashew SA (Benin Republic)
A €10 million facility has been granted to Bénin Cashew SA to:
- Co-finance five new cashew nut processing plants
- Establish a cashew balsam production unit
- Be situated in the Glo Djigbe Industrial Zone (GDIZ)
The project is projected to:
- Handle up to 50% of Benin’s national cashew production
- Create 1,666 jobs, both permanent and temporary
- Align with Benin’s Strategic Plan for Agricultural Development
$180 Million to Mota-Engil Nigeria for Kano-Maradi Rail Project
This massive line of credit will co-finance the Kano-Maradi standard gauge railway, linking northern Nigeria to Niger Republic.
Expected Impact:
- Over 100,000 jobs during construction
- 20,000 permanent jobs post-completion
- Enhanced regional trade and integration
- Boost to cross-border commerce
Supporting the SDGs and Regional Strategy
These commitments directly support the United Nations Sustainable Development Goals:
- SDG 9 – Industry, Innovation, and Infrastructure
- SDG 13 – Climate Action
They also align with EBID’s strategic focus on:
- Infrastructure development
- Rural and agricultural advancement
- Private sector support
EBID’s Growing Footprint
With these new approvals, EBID’s total commitments across West Africa now stand at $4.5 billion.
Headquartered in Lomé, Togo, EBID serves the 15 ECOWAS member states, providing short, medium, and long-term loans, equity participation, credit lines, and financial engineering to drive regional development.
As the region looks toward a more integrated, industrial, and sustainable future, EBID continues to play a pivotal role in laying the economic and infrastructural foundation.
