The funding will support the Economic Community of West African States (ECOWAS) Bank for Investment and Development (BIDC) through a two-part facility aimed at boosting private sector growth and renewable energy development.

The first component includes a $30 million equity investment, making the AfDB the first development finance institution to take a stake in BIDC and secure a seat on its Board.

Officials said the equity injection will help strengthen the bank’s capital base and enhance its ability to attract international investors.

The second component is a $70 million long-term credit facility to finance clean energy projects across the region, with a focus on underserved communities and businesses.

Director of the Financial Sector Development Department at the AfDB, Ahmed Rashad Attout, said the facility is expected to leverage additional investment. “Through leverage, the credit line is expected to mobilise nearly $230 million in financing for renewable energy generation,” Attout said.

Attout added that the projects will support solar and hydroelectric power, contributing an estimated 207 megawatts of additional capacity.

Director of Treasury and Resource Mobilisation at BIDC Andrews Amankwah said the partnership marks a significant milestone for the institution. “The investment strengthens the BIDC’s credibility with international investors and supports efforts to mobilise long-term resources,” Amankwah said.

Amankwah said the initiative will also enhance governance and accelerate financing for sustainable development and the energy transition in ECOWAS countries.

The project is expected to deliver both economic and environmental benefits, including improved electricity access for more than 250 000 households, impacting nearly 1.4 million people.

It is also projected to reduce carbon emissions by about 355 500 tonnes annually, while creating new employment opportunities, with youth expected to account for more than 70% of permanent jobs generated.

–AfDB/ChannelAfrica–