This article is published in association with European Investment Bank.
The ECOWAS Bank for Investment and Development (EBID), the European Investment Bank (EIB), with the support of the European Union (EU), today announce a €100 million financial partnership to support climate action and environmental sustainability projects in the ECOWAS region.
A project with a considerable impact on populations
The EUR 100 million credit line signed under a EUR 150 million envelope is the EIB’s first operation with the EBID. It supports 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 projects which will be financed by this operation target particularly renewable energy including small and medium-sized photovoltaic projects, sustainable agriculture and water treatment.
A project with a strategic vision
This project – targeting total investments of at least EUR 300 million – is in line with the strategic priorities of the ECOWAS region and is part of the European Union strategy in Africa under the Africa-European Union Green Energy Initiative as well as the Global Gateway strategy, a model for how Europe can build more resilient connections with the world. 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 (SDGs), such as sustainable agriculture, health and quality education, clean water and sanitation, affordable and clean energy.
“We appreciate this line of credit as an initiative of the European Investment Bank to help ECOWAS countries increase their growth and sustainable development,” said EBID Vice President Risk and Control, Dr. Mory Soumahoro. “This partnership demonstrates EBID’s commitment to supporting regional member countries’ access to sustainable sources of finance.”
“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 reduce poverty and ameliorate daily lives. “ said EIB Vice-President Ambroise Fayolle. He added: “By contributing financially to this project, the EIB demonstrates its commitment to regional integration and developed infrastructure for the benefit of local populations. 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.”
“More than half a billion people in Africa still lack access to electricity. Our long-standing goal is to change that. The partnership between the ECOWAS Bank for Investment and Development (EBID) and the European Investment Bank (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.” – Jozef Síkela, European Commissioner for International Partnerships
The EIB loan will also be accompanied by technical assistance program of the EIB with climate action focused training and capacity building This is closely aligned with the EIB and EBID initiatives supporting sustainable development.
Background information:
EIB Global
The European Investment Bank (EIB), whose shareholders are the Member States of the European Union (EU), is the EU’s long-term financing institution. It finances the implementation of investments which contribute to the major objectives of the EU.
BEI Global is the specialist arm of the EIB Group dedicated to developing the impact of international partnerships and development finance, and a key partner of the Global Gateway strategy. It aims to support 100 billion euros of investment by the end of 2027 – around a third of the overall target of this EU strategy. Within Team Europe, EIB Global promotes strong and targeted partnerships, alongside other development finance institutions and civil society. BEI World brings the BEI Group closer to populations, businesses and institutions through its offices around the world.
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About EBID
ECOWAS Bank for Investment and Development (EBID) is the development finance institution of the Economic Community of West African States (ECOWAS) comprising fifteen (15) Member States namely, Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo. Based in Lomé, Togolese Republic, the Bank is committed to financing developmental projects and programmes covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and social services sectors, through its private and public sector windows. EBID intervenes through long, medium, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations, and related services. www.bidc-ebid.org
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