ECOWAS Bank approves $75m and €105m facilities to strengthen energy security, finance SMEs and support West African economies.
- +ECOWAS Bank Approves $75m, €105m To Boost Energy And Private Sector
The ECOWAS Bank for Investment and Development (EBID) has approved $75 million and €105 million (Euro) as strategic financing operations to support private sector development and energy security across West Africa.
The ECOWAS Bank for Investment and Development (EBID) has approved $75 million and €105 million (Euro) as strategic financing operations to support private sector development and energy security across West Africa.
The EIDB announced that Stratcon Energy and Trading Limited, Ghana, would receive $50 million facility to import and distribute refined petroleum products through a partnership with Dangote Refinery.
The EIDB said the approvals underscored its ongoing commitment to fostering inclusive, resilient, and investment-driven growth in West Africa.
The approvals also showcased EBID’s capacity to deliver high-impact initiatives across key economic sectors in the sub-region.
The bank announced the approvals at the close of the 98th Ordinary Session of its board of directors held on Tuesday.
In a statement issued Wednesday by the bank, the President and Chairman of the Board of Directors of the EIDB, Dr. George Agyekum Donkor, highlighted the strategic importance of the new commitments by declaring that “these interventions demonstrate our resolve to support transformative initiatives that strengthen productive capacities, secure energy supply, and expand access to finance for businesses, particularly SMEs, which are the true engines of our region’s economic transformation.”
According to the statement, €80 million credit line will go to Coris Holding SA (West Africa) to strengthen its financing capacity, particularly for SMEs, which represent over 70 per cent of its loan portfolio.
“The facility is expected to stimulate productive sectors, promote financial inclusion, and support the creation and consolidation of thousands of jobs, while reinforcing EBID’s partnership with a leading WAEMU banking group,” the bank said.
It announced that €25 million for syndicated Murabaha facility for SENELEC (Senegal) was arranged with the International Islamic Trade Finance Corporation (ITFC) to support,”the supply of refined petroleum products for electricity generation, helping to ensure reliable energy supply and supporting economic and industrial activity.”
Similarly, “$50 million facility for Stratcon Energy and Trading Limited (Ghana) will go towards the importation and distribution of refined petroleum products, notably through a partnership with Dangote Refinery.
“The operation is expected to strengthen regional energy security, improve supply reliability, and enhance economic competitiveness,” the bank said.
It further announced a $25 million facility for Topaz Multi-Industries SA (Guinea) to “support the importation of industrial raw materials, increasing local manufacturing capacity, strengthening Guinea’s industrial base, promoting import substitution, and creating sustainable employment.”
Donkor said beyond their sectoral diversity of the facilities, these operations reflected EBID’s integrated approach to sustainability and commitment to transform the West African economies.
“They are fully aligned with the bank’s GRO (Growth, Resilience, Optimisation) Strategy for 2026-2030, aimed at accelerating economic growth, strengthening the resilience of regional economies, and expanding sustainable opportunities for their populations,” he said.
