African Development Bank Backs EBID with US$100 Million to Accelerate West Africa’s Clean Energy Pipeline

The African Development Bank (AfDB) Group has approved a US$100 million financing package for the ECOWAS Bank for Investment and Development (EBID), strengthening the regional lender’s ability to finance renewable energy projects and sustainable infrastructure across West Africa.

Approved by the Bank’s Board of Directors in Abidjan on 17 June 2026, the package combines a US$30 million equity investment with a US$70 million long-term credit facility to support clean energy development.

The equity investment makes the African Development Bank the first development finance institution to acquire a stake in EBID, while also securing a seat on the bank’s Board of Directors. The move is expected to strengthen EBID’s capital base, improve governance and enhance its credibility with international investors, enabling it to attract additional long-term funding for development projects across the ECOWAS region.

The accompanying US$70 million credit line will be deployed by EBID to finance renewable energy projects, with a particular focus on expanding solar and hydropower generation to improve electricity access for underserved communities and businesses.

Ahmed Rashad Attout, Director of the Financial Sector Development Department at the African Development Bank Group, said the financing would significantly increase investment in the region’s renewable energy sector.
“The operation will strengthen EBID’s capacity to support private sector development and renewable energy investment in West Africa,” he said. Through financial leverage, the credit line is expected to mobilise nearly US$230 million for renewable energy projects, creating around 207MW of additional generation capacity.

EBID’s Director of Treasury and Resource Mobilisation, Andrews Amankwah, described the African Development Bank’s shareholding as a major milestone for the institution.
He said the participation of a AAA-rated multilateral shareholder would strengthen investor confidence, improve access to long-term capital and support EBID’s strategy to finance sustainable development and accelerate the region’s energy transition.

Beyond financing infrastructure, the programme is expected to deliver wide-ranging socio-economic and environmental benefits. More than 250,000 households—equivalent to approximately 1.4 million people—are expected to gain improved access to electricity, while the supported projects are projected to reduce annual carbon dioxide emissions by around 355,500 tonnes.

The initiative will also contribute to employment and skills development, with young people expected to account for more than 70 per cent of permanent jobs created.

The financing aligns with the New African Financial Architecture for Development (NAFAD), reinforcing the role of regional development finance institutions in mobilising long-term investment to support West Africa’s clean energy transition and sustainable economic growth.