The ECOWAS Bank for Investment and Development (EBID) has approved $390 million in financing for four strategic operations across West Africa, targeting mining, petroleum products, rail infrastructure and climate-smart agriculture.
The approvals were made at EBID’s 101st Ordinary Meeting of the Board of Directors in Lomé on Sept. 28, according to the regional development bank.
Ghana will receive the largest share of the financing, with two operations totaling $280 million.
EBID approved a $230 million facility for Azumah Resources Ghana Limited to support development of the Black Volta Gold Project. The financing is intended to support local value creation and economic activity linked to the project.
The bank also approved $50 million for MOSL Limited to support the supply of petroleum products in Ghana.
In Nigeria, EBID approved $100 million for the acquisition of rolling stock and operational equipment for Phase II of the Kano-Maradi Standard Gauge Railway Project.
The investment is expected to strengthen transport links, improve the movement of people and goods and facilitate cross-border trade. The railway is part of a wider effort to improve regional connectivity between northern Nigeria and neighboring Niger.
A further $10 million facility was approved for the pilot phase of the West Africa Initiative for Climate-Smart Agriculture, known as WAICSA.
The program covers Ghana, Senegal and Togo and aims to promote agricultural practices that are more resilient to climate change while expanding access to financing for the agricultural sector.
Financing regional development
EBID said the four operations form part of its Growth, Resilience and Optimisation (GRO) Strategy for 2026-2030.
The bank said the investments are designed to support productive activity, strengthen regional value chains, facilitate trade and create opportunities for private-sector participation and employment.
The latest approvals bring together projects in sectors considered important to West Africa's economic development, including energy security, mining, transport infrastructure and agriculture.
The Black Volta financing also follows an earlier $47.4 million facility approved by EBID in July to help Azumah Resources finance long-lead equipment and early development activities for the gold project.
EBID President and Chairman of the Board, Dr. George Agyekum Donkor, said the latest investments reflect the bank's focus on projects with tangible economic and development impacts.
The $390 million package underscores EBID's role as a regional development financier supporting infrastructure, productive sectors and economic integration across West Africa.