The ECOWAS Bank for Investment and Development (EBID) has significantly expanded its lending activities over the past five years, with its loan portfolio increasing nearly threefold to $2.13 billion by the end of 2025 as the regional development bank shifts toward greater use of capital market funding.
According to figures released by EBID President George Agyekum Donkor, outstanding loans grew from $793.34 million in 2020 to $2.13 billion in 2025, representing a 2.7-fold increase. During the same period, the bank’s balance sheet expanded by 154%.
A major change has been EBID’s approach to financing its growth. Market-based funding increased from $60.83 million in 2020 to $582.41 million in 2025, reducing the institution’s reliance on internal resources and strengthening its access to external capital.
The bank’s funding transformation was supported by a major bond issuance in 2022, when EBID raised 120 billion CFA francs (about $209 million) through the West African Economic and Monetary Union (WAEMU) regional capital market. The offering became the largest bond issuance by a non-sovereign entity since the market’s creation and attracted strong investor demand.
EBID also issued the first green, social, and sustainable bond by a development finance institution on the Regional Securities Exchange (BRVM). The initiative expanded the bank’s access to sustainable finance opportunities, while its accreditation by the Green Climate Fund opened additional channels for climate-related investment.
The bank reported strong results under its 2021–2025 strategic plan, exceeding its targets for project approvals and funding mobilization. During the period, EBID approved nearly $4.13 billion in projects and provided $2.37 billion in disbursements. Since its establishment in 1975, the institution has committed more than $5.41 billion to 333 projects, supporting economic development and employment across the region.
However, the rapid expansion of EBID’s lending portfolio has raised questions about long-term risk management. A larger loan book increases exposure to credit risks, although the bank says its risk indicators remain within acceptable industry standards.
EBID’s credit ratings remain below investment grade, with Fitch assigning the bank a “B” rating with a stable outlook and Moody’s giving it a “B2” rating with a stable outlook. Analysts expect portfolio growth to moderate, allowing the bank’s capital position to stabilize after the rapid expansion of recent years.
The bank is also continuing operations in Mali, Burkina Faso, and Niger despite their withdrawal from the Economic Community of West African States (ECOWAS), maintaining its role as an important institutional connection between the regional bloc and the Alliance of Sahel States.
EBID’s next phase will be shaped by its new GRO strategy, focused on Growth, Resilience, and Optimization. The strategy prioritizes infrastructure financing, climate and food resilience, and stronger risk management practices.
The bank is also entering this new period with a strengthened ownership structure following the African Development Bank’s acquisition of a stake in EBID. The partnership is expected to help attract additional investment, expand equity support, and improve access to international capital markets.
