Quick Read: EBID and EIB have partnered on a €100 million investment to support climate action in the ECOWAS region. The initiative targets renewable energy, sustainable agriculture, and water treatment projects. Total investments are expected to reach €300 million, aligning with ECOWAS Vision 2050. The partnership aims to boost economic growth, environmental sustainability, and poverty reduction.
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 funding, part of a €150 million envelope, marks the EIB’s first operation with EBID, reinforcing its commitment to regional.
EU-Backed Initiative for Economic Growth
A statement from EBID’s Head of Communications, Anita Somda-Dala, highlighted that this partnership is backed by the European Union (EU). The initiative aims to address financing gaps in climate action and environmental sustainability, contributing to economic growth, sustainable livelihoods, and poverty reduction in the region.
Focus on Sustainable Investments
“This facility affirms joint EBID and EIB support for sustainable investments across the ECOWAS region, particularly in sectors that contribute to climate mitigation,” the statement noted.
The funds will be directed toward renewable energy projects, including small and medium-sized photovoltaic systems, sustainable agriculture, and water treatment initiatives.
Expanding Investment for Greater Impact
The project is expected to facilitate total investments of at least €300 million, aligning with ECOWAS strategic priorities and the EU’s Africa-Europe Green Energy Initiative.
“It also supports ECOWAS Vision 2050 ambitions related 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,” the statement added.
Key Development Goals
This initiative contributes to multiple Sustainable Development Goals (SDGs), including:
- Sustainable agriculture
- Health and quality education
- Clean water and sanitation
- Affordable and clean energy
Leaders Emphasize the Importance of the Partnership
EBID Vice President of Risk and Control, Dr. Mory Soumahoro, welcomed the collaboration, stating, “This partnership demonstrates EBID’s commitment to supporting regional member countries’ access to sustainable financing.”
EIB Vice President Ambroise Fayolle also expressed enthusiasm, emphasizing, “It will help bridge the financial gap in this region while contributing to poverty reduction and improving daily lives. Through EIB Global, we aim to support the EU’s Global Gateway initiative and key sectors such as innovation, digital economy, renewable energy, water, agriculture, and transport.”
Advancing Clean Energy Access in Africa
European Commissioner for International Partnerships, Jozef Síkela, pointed out that over half a billion people in Africa still lack electricity access.
“The partnership between EBID and EIB is a clear demonstration of our commitment to sustainable development and climate action in Africa. By mobilizing €300 million for clean energy projects, we are empowering people in the ECOWAS region to build a greener, more prosperous future,” he stated.
Technical Assistance for Capacity Building
The EIB loan will be accompanied by a technical assistance program focusing on climate action training and capacity building. This initiative aligns with the broader objectives of EIB and EBID in supporting sustainable development across the ECOWAS region.
