The ECOWAS Bank for Investment and Development (EBID) and the European Investment Bank (EIB) have inked a €100 million partnership aimed at advancing climate action and environmental sustainability in the ECOWAS region. The credit line, part of a broader €150 million envelope, is EIB’s inaugural operation with EBID, marking a significant milestone in green financing for West Africa.
“This partnership demonstrates EBID’s commitment to supporting regional member countries’ access to sustainable sources of finance,” said Dr. Mory Soumahoro, EBID’s Vice President of Risk and Control. The deal is backed by the European Union and targets projects in renewable energy, sustainable agriculture, and water treatment, with an ambition to catalyze total investments of at least €300 million.
EIB Vice-President Ambroise Fayolle expressed optimism about the partnership’s impact. “It will help bridge the financial gap in this region while contributing to poverty reduction and improving daily lives,” he said. The initiative aligns with the EU’s Global Gateway strategy and the ECOWAS Vision 2050, focusing on economic growth, climate resilience, and regional integration.
Sustainable Investments in Focus
The partnership will channel funds into small and medium-sized photovoltaic projects, sustainable agriculture, and water treatment facilities.
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This move seeks to close the financing gap in sectors critical to climate mitigation. “The facility affirms joint EBID and EIB targeted support for sustainable investments across the ECOWAS region,” a statement from EBID read.
European Commissioner for International Partnerships, Jozef Síkela, highlighted the urgency of the initiative, noting that over half a billion people in Africa still lack access to electricity. “By mobilizing €300 million for projects that promote clean energy, we are empowering people in the ECOWAS region to build a greener and more prosperous future,” he remarked.
The EIB loan will also include a technical assistance program focused on climate action training and capacity building, ensuring that the projects are not only financially sustainable but also technically sound. The collaboration is part of the EU’s broader strategy to enhance infrastructure, innovation, and energy access across Africa.
Aligning with ECOWAS Vision 2050
The partnership aligns seamlessly with the ECOWAS Vision 2050 and the Regional Climate Strategy, which emphasize environmental sustainability, economic growth, and private sector development. The focus on renewable energy and sustainable agriculture is expected to create jobs, enhance energy access, and support poverty reduction efforts in the region.
Ambroise Fayolle emphasized the transformative potential of the initiative: “Through EIB Global, our branch dedicated to development, we aim to support key sectors such as innovation, digital economy, renewable energy, water, agriculture, and transport.” The deal is seen as a blueprint for future EU-Africa partnerships focusing on sustainable development.
This collaboration is not just a financial commitment but a strategic move to build a resilient and sustainable economic future for the ECOWAS region. The emphasis on clean energy and climate resilience reflects a broader global push towards sustainability, setting a benchmark for similar initiatives in other parts of Africa.
