The Taraba State Government has welcomed the approval of funding by the ECOWAS Bank for Investment and Development (EBID) to support agricultural development in the state, marking another significant step toward strengthening food security and expanding economic opportunities.
The funding forms part of a broader $250 million financing package approved by the EBID Board of Directors for development projects across five ECOWAS member states. The initiative is designed to accelerate investment in critical sectors, including agriculture, energy, and transport infrastructure, while supporting economic recovery and long-term regional development.
Announcing the approvals, the President and Chairman of the Board of Directors of EBID, Dr. George Agyekum Donkor, noted that the investments reflect the Bank's commitment to helping member states overcome the economic challenges created by the COVID-19 pandemic and global economic disruptions.
According to Dr. Donkor, increasing investment costs and broader macroeconomic pressures have reinforced the need for strategic financing that promotes sustainable growth, strengthens productive sectors, and improves economic resilience across the ECOWAS region.
The investment in Taraba's agricultural sector aligns with the state's vision of expanding agricultural productivity, supporting farmers, and enhancing food security through modern farming practices and value-chain development.
The EBID Board also reaffirmed its commitment to financing projects that deliver lasting socio-economic benefits across West Africa, including investments in infrastructure, industry, rural development, environmental sustainability, and essential public services.
As one of the region's leading development finance institutions, EBID continues to provide long-, medium-, and short-term financing, equity investments, and other financial instruments that support transformative projects across its fifteen member states.
The approval further strengthens Taraba State's ongoing efforts to attract strategic development partners and investments that will stimulate economic growth, create employment opportunities, and improve the livelihoods of its people.