Latest news with #EBID
Zawya
23-04-2025
- Business
- Zawya
Nigeria: ECOWAS, Sterling Bank to support small businesses with $50mln
One of Nigeria's leading commercial lenders, Sterling Bank, has entered a strategic partnership with the ECOWAS Bank for Investment and Development (EBID) to channel $50 million in long-term funding to Nigerian businesses across high-impact sectors. The Senior Unsecured Facility further strengthened Sterling's already robust Corporate and Investment Banking portfolio, reinforcing its commitment to powering the ambitions of businesses that are building the future. As a financial institution recognised for delivering innovative, purpose-driven solutions at scale, Sterling has consistently backed real sector growth, supporting infrastructure, energy, agriculture, and manufacturing projects with transformative potential. This new collaboration with EBID reflects the confidence of global and regional institutions in Sterling's ability to deploy capital effectively and drive tangible results in the economy. 'This facility is not about doing more; it's about doing what we've always done, at even greater scale and pace,' said Dele Faseemo, Group Executive, Corporate and Investment Banking at Sterling Bank. 'We're proud to be the institution of choice for development finance partners looking to make a meaningful difference. Our track record speaks for itself, and this partnership with EBID will allow us to deepen our impact where it matters most.' Sterling's strategic focus on the HEART sectors: Health, Education, Agriculture, Renewable Energy, and Transportation, has already made it a trusted partner to thousands of businesses driving sustainable growth. With this facility, the Bank will further enhance its ability to provide flexible, competitively priced financing to enterprises that are ready to scale, innovate, and lead in their industries. This facility amplifies Sterling's existing capacity to unlock new possibilities for businesses across Nigeria. From manufacturers expanding their production lines to renewable energy developers executing climate-smart infrastructure, Sterling remains the go-to bank for enterprises creating real value in the Nigerian and West African economies. 'The choice of Sterling Bank by EBID is a recognition of our leadership and execution strength,' Faseemo added. 'It reflects our consistent delivery, strong governance, and deep understanding of the markets we serve. We look forward to putting this capital to work for the benefit of our clients, communities, and the economy.' Sterling continues to attract partnerships with leading development finance institutions globally, further proof of the confidence in its long-term strategy, operational integrity, and ability to catalyse inclusive economic transformation.
Zawya
04-03-2025
- Business
- Zawya
EBID, EIB announce $105mln partnership to boost climate action in ECOWAS region
THE ECOWAS Bank for Investment and Development (EBID) and the European Investment Bank (EIB), with support from the European Union (EU), have announced a €100 million financial partnership to promote climate action and environmental sustainability projects across the ECOWAS region. The agreement, signed on Friday, February 28, 2025, marks the EIB's first collaboration with EBID, underscoring both institutions' commitment to sustainable development in West Africa. The €100 million credit line is part of a larger €150 million financing envelope and will fund projects that address climate change, promote environmental sustainability, and boost economic growth. The initiative is expected to fill the financing gap in key sectors, such as renewable energy, sustainable agriculture, and water treatment, contributing to poverty reduction and improved livelihoods in the ECOWAS region. 'This partnership demonstrates EBID's commitment to supporting regional member countries' access to sustainable sources of finance,' said Dr. Mory Soumahoro, EBID Vice President of Risk and Control. The facility will particularly support small and medium-sized photovoltaic solar projects, clean energy solutions, and environmental conservation initiatives that align with the region's climate mitigation strategies. The initiative aligns with the strategic priorities of the ECOWAS region, including the ECOWAS Vision 2050, which focuses on environmental protection, private sector development, and regional integration. The project also supports the ECOWAS Regional Climate Strategy and the 2022-2030 Action Plan, aimed at building climate resilience across West Africa. The partnership contributes directly to several Sustainable Development Goals (SDGs), including: Affordable and Clean Energy (SDG 7); Clean Water and Sanitation (SDG 6); Sustainable Agriculture (SDG 2); Health and Quality Education (SDG 3 and SDG 4). 'This operation will help bridge the financial gap in this region while contributing to poverty reduction and improving daily lives,' said Ambroise Fayolle, EIB Vice-President. 'Through EIB Global, we aim to support the EU's Global Gateway Initiative and key sectors such as renewable energy, digital economy, agriculture, and transport.' The Global Gateway strategy is the EU's model for building stronger, more resilient connections with partner regions. The EIB is a key player in this initiative, aiming to support €100 billion in investments by 2027 — approximately one-third of the strategy's total target. Highlighting the partnership's significance, Jozef Síkela, European Commissioner for International Partnerships, said: 'More than half a billion people in Africa still lack access to electricity. Our long-standing goal is to change that. This partnership is a clear demonstration of our commitment to supporting sustainable development and climate action in Africa. By mobilising €300 million for clean energy projects, we are empowering people in the ECOWAS region to build a greener and more prosperous future.' The EIB loan will be accompanied by a technical assistance program that provides training and capacity building for climate action-focused projects. The program is aligned with the EIB and EBID's broader initiatives supporting sustainable infrastructure, innovation, and environmental protection. The European Investment Bank (EIB) is the financing institution of the EU, supporting projects that contribute to the Union's key objectives. EIB Global, its specialist arm for international partnerships, aims to strengthen the impact of development finance by supporting the Global Gateway Initiative and working with local institutions to promote sustainable investments. The ECOWAS Bank for Investment and Development (EBID) is the financial arm of ECOWAS, dedicated to financing development projects that promote regional integration and economic development across West Africa. The partnership between EBID, EIB, and the EU represents a major step in addressing climate change and promoting sustainable development in the ECOWAS region. As projects under this facility take off, the collaboration is expected to not only bridge financing gaps but also improve livelihoods, create jobs, and support a greener, more resilient future for West Africa.
