By: Moses Morenikeji
The ECOWAS Bank for Investment and Development (EBID) has signed a USD 25 million revolving credit facility with Topaz Multi-Industries SA to expand industrial production in Guinea, strengthen the local value chains and support manufacturing competitiveness.
The agreement was signed on Tuesday, October 13, 2026.
A key player in West Africa’s manufacturing sector, Topaz, serves customers across the region, with regional markets accounting for a significant portion of its business.
A release issued by the EBID's Communication and External Relations Unit, explains the facility will support and enhance the company’s capacity to source raw materials, sustain production and meet growing demands for its industrial and household products.
"Beyond financing industrial production, the transaction reflects the Bank’s commitment to promoting local value addition and reducing dependence on export of raw materials.
By supporting the transformation of raw materials into finished products, the facility will help develop local supply chains, expand manufacturing activity, and strengthen the region’s capacity to generate employment and retain more economic benefits within its economies," the statement added.
Speaking at the signing ceremony, the President and Chairman of the Board of Directors of EBID, Dr. George Agyekum Donkor, emphasised the importance of competitive manufacturing industries in driving sustainable economic transformation across West Africa. He noted that access to finance enables businesses to expand their operations, safeguard jobs and strengthen economic resilience. He added that the transaction demonstrates EBID’s commitment to catalysing private sector investment and supporting industrial development across the region.
Also speaking, the Managing Director of Topaz Multi-Industries SA, Mr. Roshan Ashok Vaswani, stated that the facility would enable the company to increase production capacity, respond more effectively to market demands and contribute to Guinea’s industrial development.
The financing, the statement added, aligns with EBID’s Growth, Resilience and Optimisation (GRO) Strategy for 2026–2030, particularly its focus on private sector development, industrial transformation and regional value chain development.
It stated further that through this partnership, EBID also reaffirmed its commitment to the United Nations Sustainable Development Goals (SDGs), particularly SDG 8 on Decent Work and Economic Growth, SDG 9 on Industry, Innovation and Infrastructure, and SDG 17 on Partnerships for the Goals.
Based in Lomé, Togolese Republic, ECOWAS Bank for Investment and Development (EBID) is the Development Finance Institution of the fifteen West African Countries. The Bank is committed to financing developmental projects and programmes covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and social services sectors, through its private and public sector windows. EBID intervenes through long, medium, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations, and related services.
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