Empowering ECOWAS: How €100 Million from EBID and EIB is Transforming Environmental Projects

€100 Million Partnership for Environmental Sustainability in ECOWAS

The ECOWAS Bank for Investment and Development (EBID) and the European Investment Bank (EIB), supported by the European Union (EU), have joined forces to create a €100 million financial package. This funding aims to boost climate action and enhance environmental sustainability in the ECOWAS region.

This loan represents the first collaboration between EBID and EIB, forming part of a larger €150 million initiative. The goal is to promote economic growth, climate action, and environmental health, which are crucial for reducing poverty and improving living conditions across the region.

The partnership focuses on sustainable investments, particularly projects that contribute to climate mitigation. Key areas include renewable energy, sustainable agriculture, and water treatment solutions. The expected total investment through these projects could reach €300 million.

This initiative aligns with ECOWAS’s broader strategic priorities and supports the EU’s Africa strategy, particularly regarding the Africa-European Union Green Energy Initiative. It reflects a commitment to building resilient partnerships and addressing climate challenges effectively.

The partnership also supports the ECOWAS Vision 2050 goals, emphasizing environmental protection, economic growth, and regional integration, while contributing to various Sustainable Development Goals (SDGs) such as clean energy and sustainable agriculture.

Dr. Mory Soumahoro, EBID Vice President, expressed gratitude for this initiative, recognizing the importance of access to sustainable financial resources for ECOWAS member states. Similarly, EIB Vice-President Ambroise Fayolle highlighted the partnership’s potential to improve lives and close financial gaps in the region.

Jozef Síkela, European Commissioner for International Partnerships, echoed these sentiments, stating that this funding will empower communities in ECOWAS to work towards a greener future. He pointed out the urgent need for access to electricity in Africa as a long-term goal of the project.

Additionally, the EIB will provide technical assistance, including training focused on climate action and capacity building. This supports both EBID and EIB’s commitment to fostering sustainable development.