In a groundbreaking move to drive climate action and environmental sustainability in the ECOWAS region, the ECOWAS Bank for Investment and Development (EBID) has partnered with the European Investment Bank (EIB) to establish a €100 million credit facility.
This initiative, backed by the European Union (EU), is part of a larger €150 million funding agreement and marks the first collaboration between the EIB and EBID.
A statement from Anita Somda-Dala, Head of Communications at EBID, emphasized that the partnership aims to bridge the financing gap in key sectors that contribute to economic development and climate resilience.
The initiative is designed to foster renewable energy projects, sustainable agriculture, and water treatment solutions, ultimately improving livelihoods and reducing poverty across the region.
“This facility affirms the joint commitment of EBID and EIB to promoting sustainable investments across ECOWAS, with a strong focus on climate mitigation,” the statement read.
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“The projects financed under this initiative will target renewable energy, particularly small and medium-sized photovoltaic projects, as well as sustainable agriculture and water treatment.”
The total investment under this initiative is expected to reach at least €300 million, aligning with both the strategic priorities of ECOWAS and the EU’s broader Africa-European Union Green Energy Initiative.
The initiative also supports ECOWAS Vision 2050, which emphasizes environmental sustainability, economic growth, private sector development, and regional integration. Additionally, it aligns with the ECOWAS Regional Climate Strategy and the Action Plan for 2022-2030.
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By addressing critical issues such as access to clean energy, water, and sustainable agricultural practices, the initiative contributes to several Sustainable Development Goals (SDGs), including clean water and sanitation, affordable and clean energy, quality education, and improved health outcomes.
Dr. Mory Soumahoro, EBID’s Vice President of Risk and Control, praised the collaboration, stating, “This partnership underscores EBID’s dedication to providing our regional member countries with sustainable financial solutions that support economic resilience and climate adaptation.”
EIB Vice-President Ambroise Fayolle expressed enthusiasm about the agreement, saying, “This is a significant step in bridging the financial gap in the region. It will contribute to poverty reduction and enhance daily lives.”
“Through EIB Global, our development-focused branch, we are committed to supporting the EU’s Global Gateway initiative and fostering innovation in renewable energy, water, agriculture, and digital transformation.”
Jozef Síkela, European Commissioner for International Partnerships, highlighted the urgent need for energy access in Africa, noting that over half a billion people still lack electricity.
“This partnership between EBID and EIB is a testament to our shared vision of sustainable development in Africa. By mobilizing €300 million for clean energy and climate-related projects, we are empowering communities across the ECOWAS region to build a greener and more prosperous future,” he stated.
To further strengthen the impact of this initiative, the EIB loan will be complemented by a technical assistance program focusing on climate action training and capacity building. This support will ensure that ECOWAS nations have the expertise needed to implement long-term sustainable solutions.
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