ECOWAS Bank building
ECOWAS Bank for Investment and Development has approved €174 million for investments and $125 million for social development to boost trade, strengthen infrastructure, and support social development in the West African region.
According to a report from the bank’s 92nd ordinary session, the funding will finance projects aimed at stimulating economic growth and fostering industrialization in the sub-region.
One of the projects is a €50 million initiative to construct and equip six technical education and vocational training centers in Togo, which will equip Togolese youth with in-demand skills. The project is expected to benefit 3,480 learners per year, building a more productive and competitive workforce.
Additionally, the bank approved a $25 million project for the import of clinker by Société de Ciment de Côte d’Ivoire, which will increase cement availability in Côte d’Ivoire by importing 400,000 tonnes of clinker. A €28.9 million project to modernize four agricultural high schools in Guinea will improve employability and provide a structural solution to youth unemployment.
Furthermore, a €95.163 million project will build three hydroelectric micro-power stations in Guinea, harnessing local hydraulic potential to produce renewable energy and improve living conditions for rural populations. The bank also approved a $100 million funding for the Lagos-Calabar coastal motorway project in Nigeria, which will link nine states, improve access to seaports, and contribute to the emergence of a regional value chain.
The funding aligns with the United Nations Sustainable Development Goals, particularly SDG 4 on quality education, SDG 7 on affordable and clean energy, and SDG 9 on industry, innovation, and infrastructure. With this investment, the bank’s total commitments to date in the sub-region amount to over five billion dollars.
