ECOWAS Bank and EIB Unveil €100 Million Fund to Boost Climate Action and Environmental Initiatives

The ECOWAS Bank for Investment and Development (EBID) is teaming up with the European Investment Bank (EIB) to launch a €100 million partnership aimed at climate action and environmental sustainability in the ECOWAS region. This venture has the backing of the European Union.

This €100 million credit line is a significant milestone, marking the EIB’s first collaborative effort with EBID. The funding aims to boost economic development and address environmental challenges within the ECOWAS area, filling crucial financing gaps to promote sustainable livelihoods and reduce poverty.

Dr. Mory Soumahoro, EBID’s Vice President, expressed optimism about the partnership. He noted that this initiative, led by the EIB, would help ECOWAS countries advance their growth and sustainable development goals. This collaboration emphasizes EBID’s dedication to providing member nations with access to sustainable financial sources.

The partnership targets total investments of at least €300 million and aligns with the ECOWAS strategic priorities. It supports the EU’s efforts in Africa, specifically under the Africa-European Union Green Energy Initiative. Key focus areas include renewable energy projects, sustainable agriculture, and water treatment systems.

Ambroise Fayolle, an EIB Vice-President, highlighted the importance of this initiative. He mentioned that it aims to close the financial gaps in the region while working toward reducing poverty and improving the quality of life for residents.

European Commissioner for International Partnerships, Jozef Síkela, emphasized the stark reality that over half a billion people in Africa still lack access to electricity. He stated that the collaboration between EBID and EIB represents a strong commitment to supporting sustainable development in Africa, particularly through clean energy projects.

In addition to the financial assistance, the EIB will also provide a technical support program focused on training and building capacity for climate action. This effort aligns with both the EIB and EBID’s mission to foster sustainable development across the region.

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Anita Somda-Dala,EBID Vice President,ECOWAS bank,ECOWAS region,Head of Communications at EBID,Investment and Development,Risk and Control