The ECOWAS Bank for Investment and Development (EBID) has received a credit rating upgrade from Moody’s Ratings, strengthening its position as a regional development finance institution and moving it closer to investment-grade status.

Moody’s has raised EBID’s long-term issuer rating from B2 to B1, with a stable outlook, citing the bank’s sound solvency, moderate capitalisation and resilient asset quality.

The upgrade, published on August 14, 2026, was announced by EBID in Lomé, Togo, on August 17.

According to EBID, the rating action is expected to improve its prospects of accessing international capital markets on increasingly competitive terms, while strengthening confidence among investors and development partners.

Factors behind upgrade

Moody’s attributed the improved rating to EBID’s ability to maintain its financial strength while expanding its lending operations.

The rating agency also recognised the bank’s efforts to diversify its funding sources and maintain strong shareholder support, including continued paid-in capital contributions and strategic partnerships.

A significant development supporting the bank’s stronger financial position was the African Development Bank’s (AfDB) entry as EBID’s first institutional shareholder, approved in June 2026.

EBID said the partnership would strengthen its capital base and governance standards, while providing further validation of its role in mobilising resources for development across West Africa.

‘Clear recognition’

The President and Chairman of EBID’s Board of Directors, Dr George Agyekum Donkor, said the upgrade reflected progress made by the bank in strengthening its financial and institutional foundations.

“This upgrade is a clear recognition of the progress EBID has made in strengthening its financial foundation and institutional capacity,” he said.

Dr Donkor said the rating demonstrated the confidence of shareholders, development partners and the international community in the institution.

“It validates the confidence that our shareholders, partners, and the international community have placed in us. We are demonstrating that a regional development bank can be both ambitious and resilient, and that West Africa has a credible, effective institution ready to lead its development agenda.”

Growth strategy

The rating upgrade comes as EBID implements its Growth, Resilience and Optimisation (GRO) Strategy 2026–2030, a five-year programme focused on infrastructure development, renewable energy financing, private sector expansion and climate resilience.

The bank said it had recently intensified its strategic operations, with projects in infrastructure, healthcare and energy aimed at expanding electricity access, creating jobs and supporting sustainable economic growth across the West African sub-region.

The Moody’s upgrade therefore provides a stronger financial platform for EBID as it seeks to expand its development financing activities and mobilise additional capital for projects across ECOWAS member states.