ECOWAS bank plans to double assets to $4.4 billion to help close West Africa's $36 billion infrastructure financing gap

The ECOWAS Bank for Investment and Development (EBID) plans to double its balance sheet to $4.4 billion over the next five years as it seeks to narrow West Africa's estimated $36 billion annual infrastructure financing gap.

The ECOWAS Bank for Investment and Development (EBID) plans to double its balance sheet to $4.4 billion over the next five years as it seeks to narrow West Africa's estimated $36 billion annual infrastructure financing gap and expand lending for large-scale development projects across the region.

MacDonald Saye Goanue, coordinator of the bank's vice presidency operations, said the Lomé, Togo-based lender aims to grow its balance sheet from about $2.2 billion by attracting new investors and strengthening its capital base.

A major step toward that goal came with the African Development Bank's (AfDB) $100 million capital injection, which EBID believes will strengthen its credit profile, lower funding costs, and attract additional investors, according to Bloomberg.

Last year, EBID financed 15 projects worth $817 million, covering sectors such as transport, energy, agriculture, and industry. Under its new five-year strategy, 63% of new financing commitments will be directed toward the private sector, reflecting a growing emphasis on mobilising private capital to address Africa's infrastructure deficit.