The Board of Directors of the African Development Bank Group approved a US$100 million financing package for the ECOWAS Bank for Investment and Development (EBID) on 17 June 2026 in Abidjan, marking a significant step toward strengthening development financing and accelerating clean energy investment across West Africa.
The financing package consists of two separate components designed to enhance EBID’s financial capacity and expand its ability to support sustainable economic growth in the region.The first component is a US$30 million equity investment by the African Development Bank Group in EBID. This investment is particularly significant because it makes the African Development Bank Group the first development finance institution to acquire an ownership stake in the regional bank.
As part of the investment, the Bank Group will also obtain a seat on EBID’s Board of Directors. The equity contribution forms part of EBID’s capital increase programme and is expected to support the institution’s long-term expansion plans.Beyond providing additional capital, the investment is expected to strengthen EBID’s standing in international financial markets.
The backing of the African Development Bank Group, one of Africa’s leading multilateral development institutions, is anticipated to enhance investor confidence and improve EBID’s ability to attract funding from international investors, development partners, and financial institutions. This increased credibility could help the regional bank mobilize larger volumes of capital to support development projects across West Africa.
The second component of the package is a US$70 million long-term credit facility that will be dedicated to financing new renewable energy projects throughout the region. EBID will use these funds to support the development of clean energy infrastructure, helping increase electricity generation while improving access to reliable power for businesses and communities that remain underserved by existing energy systems.
According to Ahmed Rashad Attout, Director of the Financial Sector Development Department at the African Development Bank Group, the financing will strengthen EBID’s ability to support private-sector growth and expand renewable energy investment across West Africa. He noted that through leverage and co-financing mechanisms, the credit facility is expected to mobilize nearly US$230 million in total financing for renewable energy projects.
These investments are expected to focus primarily on solar and hydroelectric developments and could add approximately 207 megawatts of new renewable energy generation capacity to the region.Representatives from EBID also highlighted the strategic importance of the investment. Andrews Amankwah, Director of Treasury and Resource Mobilisation at EBID, described the African Development Bank Group’s decision to become a shareholder as a major milestone in the institution’s evolution.
He stated that, beyond the direct capital injection, the participation of a highly rated international development institution strengthens EBID’s reputation and supports efforts to attract long-term investment capital for projects that benefit ECOWAS member states. He also noted that the partnership is expected to contribute to stronger governance practices and support the bank’s long-term strategy of financing sustainable development and the transition toward cleaner energy sources.
The financing package is expected to generate substantial economic, social, and environmental benefits across West Africa. The renewable energy projects supported under the programme are projected to improve access to electricity for more than 250,000 households, benefiting nearly 1.4 million people throughout the region. Increased access to reliable energy is expected to support economic activity, improve living standards, and create new opportunities for businesses and communities.
From an environmental perspective, the projects are expected to reduce carbon emissions by approximately 355,500 tonnes of CO₂ annually, contributing to regional and global climate goals. The investments are also expected to support workforce development and job creation, with young people projected to account for more than 70 percent of all newly created permanent positions associated with the funded projects.
The initiative is aligned with the New African Financial Architecture for Development (NAFAD), which seeks to strengthen African financial institutions and increase their ability to mobilize long-term capital for development priorities.
By enhancing EBID’s financial capacity and expanding its access to international funding sources, the operation is expected to increase the bank’s development impact and strengthen its role as a key financier of infrastructure, energy, and private-sector projects across West Africa.
Established in 1999 and headquartered in Lomé, Togo, EBID serves as the financial institution of the Economic Community of West African States (ECOWAS). Over the years, the bank has developed extensive regional expertise and built a strong track record in financing strategic development projects.
Its deep understanding of local markets, combined with its broad development mandate, has positioned it as an important institution for advancing economic integration, infrastructure development, and sustainable growth throughout West Africa.
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