EBID And EIB Partner on €100 Million Initiative for Climate Action in ECOWAS Region
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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 funding is part of a broader €150 million financial envelope, marking the EIB’s first operation with EBID. According to a statement by Anita Somda-Dala, Head of Communications at EBID, the initiative has the backing of the European Union (EU) and aims to drive economic development, environmental sustainability, and climate resilience across the region.
Strengthening Sustainable Investments in ECOWAS
The partnership focuses on bridging the financing gap in climate-related projects while promoting sustainable livelihoods and poverty reduction. The funding will target key sectors such as renewable energy, sustainable agriculture, and water treatment, ensuring that investments contribute directly to climate mitigation efforts.
“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 statement read.
The initiative aims to mobilize at least €300 million in total investments, aligning with ECOWAS’ strategic development priorities and the Africa-European Union Green Energy Initiative.
Alignment with ECOWAS Vision 2050
This partnership supports the ECOWAS Vision 2050 and its environmental, economic, and private sector development goals. It is also in line with the ECOWAS Regional Climate Strategy and Action Plan for 2022-2030, reinforcing efforts to integrate climate resilience into regional economic policies.
Key Stakeholders on the Impact of the Initiative
Dr. Mory Soumahoro, EBID Vice President of Risk and Control, emphasized the bank’s commitment to ensuring ECOWAS member states have access to sustainable financing sources.
EIB Vice-President Ambroise Fayolle highlighted the significance of this first operation with EBID, stating:
“This partnership 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.”
Meanwhile, Jozef Síkela, European Commissioner for International Partnerships, underscored the urgent need for sustainable energy solutions in Africa, where over half a billion people 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 stated.
Technical Assistance for Climate Action
The EIB loan will be accompanied by a technical assistance program, focusing on climate action training and capacity building. This initiative is aligned with broader EIB and EBID programs aimed at fostering long-term sustainable development in the ECOWAS region.
Through this strategic partnership, EBID and EIB are taking significant steps to accelerate climate resilience, economic growth, and environmental sustainability in West Africa.
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