The ECOWAS Bank for Investment and Development (EBID) in collaboration with the European Investment Bank (EIB) has announced a €100 million financial partnership to support climate action and environmental sustainability projects in the ECOWAS region.
This €100 million credit line, signed under a €150 million envelope, marks the EIB’s first operation with the EBID.
A statement signed by Head of Communications at EBID, Anita Somda-Dala, emphasized that the partnership has the backing of the European Union (EU).
The initiative aims to support economic development, climate action, and environmental sustainability in the ECOWAS region, addressing the financing gap in these areas and contributing to sustainable livelihoods and poverty reduction.
Sustainable investments
“This facility affirms joint EBID and EIB targeted support for sustainable investments across the ECOWAS region, with a particular focus on sectors contributing to climate mitigation.
The projects financed by this operation will target renewable energy, including small and medium-sized photovoltaic projects, sustainable agriculture, and water treatment,” the statement said.
The statement also highlighted that the project targets total investments of at least €300 million, aligning with the strategic priorities of the ECOWAS region and forming part of the EU strategy in Africa under the Africa-European Union Green Energy Initiative.
“It also responds to the ECOWAS Vision 2050 ambitions linked to the environment, economic growth, private sector development, and regional integration, as well as the ECOWAS Regional Climate Strategy and the Action Plan for 2022-2030,” it added.
What you should know
- The initiative contributes to various Sustainable Development Goals, including sustainable agriculture, health, quality education, clean water, and sanitation, and affordable and clean energy.
EBID Vice President of Risk and Control, Dr. Mory Soumahoro, appreciated the EIB’s line of credit, stating, “This partnership demonstrates EBID’s commitment to supporting regional member countries’ access to sustainable sources of finance.”
EIB Vice-President Ambroise Fayolle expressed his delight in signing the first operation with the EBID, saying, “It will help bridge the financial gap in this region while contributing to poverty reduction and improving daily lives. Through EIB Global, our branch dedicated to development, we aim to support the EU’s Global Gateway initiative and key sectors such as innovation, digital economy, renewable energy, water, agriculture, and transport.”
European Commissioner for International Partnerships, Jozef Síkela, noted that over half a billion people in Africa still lack access to electricity.
“The partnership between the EBID and EIB is a clear demonstration of our commitment to supporting sustainable development and climate action in Africa. 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 said.
The EIB loan will be accompanied by a technical assistance program focusing on climate action training and capacity building, closely aligned with the EIB and EBID initiatives supporting sustainable development.
