The ECOWAS Bank for Investment and Development in conjunction with the European Investment Bank has announced a €100 million financial partnership to support climate action and environmental sustainability projects in the ECOWAS region.

A statement signed by Head of Communications at EBID, Anita Somda-Dala, indicated that the partnership had the support of the European Union.

The statement said the €100 million credit line signed under a EUR 150 million envelope was the EIB’s first operation with the EBID.

It said the aim was to support economic development, climate action and environmental sustainability in the ECOWAS region, which fills the financing gap in these areas and contributes to sustainable livelihoods and poverty reduction.

“This facility affirms joint EBID and EIB targeted support for sustainable investments across the ECOWAS region, with particular support for sectors contributing to climate mitigation. The project which will be financed by this operation target particularly renewable energy including small and medium-sized photovoltaic projects, sustainable agriculture and water treatment,” the statement noted.

According to the statement, the project-targeting total investments of at least €300 million – is in line with the strategic priorities of the ECOWAS region and is 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 contributes to various Sustainable Development Goals such as sustainable agriculture, health and quality education, clean water and sanitation, affordable and clean energy,” said the statement.

The statement quoted the EBID Vice President, Risk and Control, Dr Mory Soumahoro, as saying, “We appreciate this line of credit as an initiative of the European Investment Bank to help ECOWAS countries increase their growth and sustainable development. This partnership demonstrates EBID’s commitment to supporting regional member countries’ access to sustainable sources of finance.”

It also quoted the EIB Vice-President, Ambroise Fayolle, as saying: “I am very delighted to sign this first operation with the EBID to support economic development, climate action and environmental sustainability in the ECOWAS region. It will help to bridge the financial gap in this region while contributing to reducing poverty and ameliorate daily lives.

“Through EIB Global, our branch dedicated to development, we aim to support the EU’s Global Gateway initiative and key sectors in the region such as innovation, digital economy, renewable energy, water, agriculture and transport.”

The statement also quoted the European Commissioner for International Partnerships, Jozef Síkela, as saying that more than half a billion people in Africa still lack access to electricity.

Sikela said, “The partnership between the EBID and EIB is a clear demonstration of our commitment to supporting sustainable development and climate action in Africa. By mobilising €300 million for projects that promote clean energy, we are empowering people in the ECOWAS region to build a greener and more prosperous future.”

The statement added that the EIB loan would be accompanied by a technical assistance programme of the EIB with climate action focused training and capacity building.

“This is closely aligned with the EIB and EBID initiatives supporting sustainable development,” the statement added.

(NAN)