The ECOWAS Bank for Investment and Development (EBID) has signed loan agreements worth 268 million dollars with Nigeria’s Taraba State to finance industrial, agricultural and renewable energy projects aimed at boosting economic growth and food security.
The agreements were signed on June 26 at the bank’s headquarters by EBID President George Agyekum Donkor and Taraba State Governor Agbu Kefas.
The financing package includes 91.23 million dollars for the first phase of an integrated industrial park that will serve as a logistics and manufacturing hub to attract private investment, promote value addition and create jobs.
A further 79.21 million dollars will fund the development of 10,000 hectares of irrigated rice fields and a modern rice milling and processing facility, with the aim of increasing domestic production and reducing reliance on imported rice.
The remaining 98.19 million dollars will finance the construction of a 50-megawatt solar photovoltaic power plant in the state capital, Jalingo, to improve electricity supply, expand access to renewable energy and support industrial development.
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EBID said the projects are aligned with its Growth, Resilience and Optimisation (GRO) Strategy, which focuses on investments that deliver economic, social and environmental benefits across West Africa.
Donkor said the financing package combined industrial infrastructure, agricultural value chains and renewable energy to support long-term economic development.
“By investing simultaneously in industrial infrastructure, agricultural value chains and renewable energy, EBID is delivering an integrated development package with lasting regional impact,” he said.
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Kefas described the agreements as a major step towards transforming Taraba State’s economy.
“This financing lays the foundation for economic transformation by strengthening industry, enhancing food security and expanding access to reliable, sustainable energy for the people of Taraba State,” he said.
The projects are expected to strengthen Taraba State’s position as an emerging industrial and agricultural centre in Nigeria while supporting the country’s transition to cleaner sources of energy.
The agreements also reinforce EBID’s role in financing infrastructure and sustainable development projects across the Economic Community of West African States (ECOWAS) region.
