• Guinea gets $40M for SMEs; Nigeria to host rice plant, solar power, and industrial park
• Approvals part of EBID’s push to finance regional development and energy transition

The ECOWAS Bank for Investment and Development (EBID) approved $308 million in financing for four priority projects in Guinea and Nigeria during its 93rd Board of Directors meeting in Lomé on Monday.

Guinea will receive a $40 million loan through Vista Guinée, designated for financing small and medium-sized enterprises (SMEs) and industries (SMIs).

"SMEs are essential to transforming our economies. This financing aims to provide them with the necessary resources to grow and create value. This is one of the reasons EBID approved this amount for Vista Guinée to support economic growth and sustainable development in our countries," said EBID President George Donkor.

In Nigeria, three projects will be implemented in Taraba State to bolster the industrial and energy base of Africa's most populous nation: a $79 million rice processing unit, a $98 million solar power plant, and a $91 million industrial park.

Beyond these approvals, the Bank announced that additional projects are currently under review in strategic sectors, including health, education, and infrastructure.

The EBID serves as the financial institution of the Economic Community of West African States (ECOWAS) and is mandated to fund socio-economic development across its member states. 

Ayi Renaud Dossavi