The ECOWAS Bank for Investment and Development (EBID), development finance institution of the Economic Community of West African States (ECOWAS), has approved funding to boost trade, strengthen infrastructure and support social development in the region.
The bank, on Thursday in Lagos in a report from its 92nd ordinary session, signed by its Head, Communication and External Relations Unit, Anita Somda.
According to EBID, it approved €174 million for investments and $125 million for social development.
The bank said the fundings were to finance projects aimed at stimulating economic growth and fostering industrialisation for the sub-region.
It gave a breakdown of the projects the approved sums would provide as €50 million project for the construction and equipping of six technical education and vocational training centres by planet one, in the Togolese Republic.
“The project aims to equip the Togolese youth with skills that are in high demand for various industries.
“It is expected that 3,480 learners per year will benefit from training, building a more productive and competitive workforce,” the report said.
EBID added that it covered a $25 million project for the import of clinker by Société de Ciment de Côte d’Ivoire in the Republic of Côte d’Ivoire.
It said this project would increase the availability of cement products in Côte d’Ivoire by importing 400,000 tonnes of clinker.
Also, there was a €28.9 million project to modernise and bring up to standard four agricultural high schools in the Republic of Guinea.
“This multi-sectoral development project will help to improve the employability of Guinea’s young people and provide a structural solution to youth unemployment.
“Also, a € 95.163 million project to build three hydroelectric micro-power stations (30 MW) with SOGEOH at Poukou, Bolokoun, and Biwbaw in the Republic of Guinea.
“This project aims to harness local hydraulic potential in areas with poor access to power to produce renewable energy, thereby improving living conditions and generating economic activity to benefit rural populations,” it said.
The bank also approved a $100 million funding for the Lagos-Calabar coastal motorway project, in the Federal Republic of Nigeria.
It said that this project, which spanned 47.7 km, would link nine Nigerian states, improve access to seaports and isolated agro-industrial areas.
EBID noted the funding would also contribute to the emergence of a regional value chain to help coastal communities.
“These newly approved commitments align with the United Nations Sustainable Development Goals (SDGs), in particular SDG 4 – Quality Education, SDG 7 – Affordable and Clean Energy and SDG 9 – Industry, Innovation and Infrastructure.
“They are also EBID’s strategic plan to promote resilience, inclusive and sustainable growth and development in the ECOWAS region.
“With this investment, EBID’s total commitments to date in the sub-region amount to over five billion dollars,” the bank said.
(NAN)
