The ECOWAS Bank for Investment and Development (EBID) has approved a $268 million financing package for the Taraba State Government to support large-scale investments in renewable energy, agriculture and industrial infrastructure.
The funding is expected to accelerate economic growth, create employment opportunities and strengthen the state’s agricultural and industrial sectors.
The financing was formalised through three loan agreements signed on June 26 at the bank’s headquarters by EBID President and Chairman of the Board of Directors, George Agyekum Donkor, and the Governor of Taraba State, Agbu Kefas.
According to the parties, the investment package will support key development projects aimed at improving infrastructure, expanding agricultural production and promoting sustainable energy solutions across the state.
The agricultural component of the financing is expected to enhance productivity, strengthen value chains and improve food security by supporting investments in modern farming, processing and agribusiness development.
The renewable energy projects are designed to improve access to reliable electricity, reduce dependence on conventional energy sources and create an enabling environment for businesses and industries.
Officials noted that the industrial infrastructure investments will stimulate economic activities, attract private-sector investment and enhance Taraba State’s competitiveness as a destination for business and manufacturing.
Governor Agbu Kefas described the financing as a major milestone in the state’s development agenda, expressing confidence that the projects would improve livelihoods, generate jobs and drive inclusive economic growth.
EBID reaffirmed its commitment to supporting development initiatives across West Africa through strategic investments that promote sustainable infrastructure, agricultural transformation and regional economic integration.
The financing underscores the growing role of development finance institutions in supporting state-led initiatives aimed at enhancing food security, expanding clean energy access and fostering long-term economic development.
