The ECOWAS Bank for Investment and Development (EBID) and the European Investment Bank (EIB), with support from the European Union (EU), have partnered to mobilize a €300 million credit line to fund clean energy projects across the ECOWAS region.
As part of this initiative, the institutions have launched an initial €100 million financial partnershipunder a €150 million envelope, marking the EIB’s first-ever operation with EBID. The funding aims to bridge financing gaps in climate action, environmental sustainability, and economic development while enhancing sustainable livelihoods and reducing poverty.
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.
This project, which targets 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.
“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.”
Jozef Síkela, European Commissioner for International Partnerships, said: “More than half a billion people in Africa still lack access to electricity. Our longstanding goal is to change that. The partnership between the ECOWAS Bank for Investment and Development and the European Investment Bank 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.”
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