ECOWAS Bank for Investment and Development- European Investment Bank Collaborate on Sustainable Development.
By Raymond Enoch
In a groundbreaking move to advance climate action, promote environmental protection and sustainable development, the ECOWAS Bank for Investment and Development (EBID) and the European Investment Bank (EIB), supported by the European Union (EU), collaborate on a joint €100 million project engagement to address the region’s pressing environmental and development challenges.
This strategic collaboration aims to fill the critical financing gap for climate and environmental projects across the West African region, positioning it as a crucial player in the global shift toward sustainability.
The partnership marks the first EIB operation with EBID, forming part of a €150 million financial commitment designed to support key projects within the ECOWAS region. Focused primarily on renewable energy, sustainable agriculture, and water and sanitation management, the initiative is set to enhance local economies while also advancing the broader goals of poverty reduction and climate resilience.
The joint investment aligns with ECOWAS’ Vision 2050, a comprehensive blueprint aimed at promoting regional integration, private sector development, and environmental sustainability. Through this initiative, the ECOWAS region is not only taking significant strides toward sustainable economic growth but also addressing the pressing challenges of climate change that have disproportionately affected West Africa. The programme is part of the EU’s strategic priorities under the Africa-European Union Green Energy Initiative and the Global Gateway programme, ensuring long-term support for sustainable development in the region.
Dr. Mory Soumahoro, Vice-President in charge of Risk and Control at EBID, emphasized the importance of the partnership, stating, “We appreciate this line of credit that will help ECOWAS States strengthen their growth and sustainable development. This partnership demonstrates our commitment to mobilizing financing tailored to the challenges of our region.”
The €100 million line of credit will primarily target renewable energy projects, including photovoltaics and hydroelectricity, to address the growing energy demands in the region. This commitment represents a key pillar in the energy transition process, aiming to increase access to clean, sustainable energy for millions in the region.
Ambroise Fayolle, Vice-President of the EIB, underscored the importance of this initiative, noting, “This first operation with EBID supports economic development, climate action, and environmental sustainability in the ECOWAS region. It fills a significant financing gap and directly contributes to improving living conditions.”
In addition to financial backing, the EIB will provide vital technical assistance to strengthen the management capabilities of local actors in implementing climate-related projects. This technical support will include training and consulting in financial engineering, ensuring that the investments made are sustainable and that their impact is maximized for long-term benefits.
The partnership also addresses the continent’s energy access issues. With more than half a billion people in Africa still without access to electricity, this collaboration aims to deliver clean, affordable energy solutions that will significantly improve the lives of millions. European Commissioner for International Partnerships, Jozef Síkela, highlighted the urgency of the initiative, saying, “Our goal is to change that. By mobilizing €300 million for clean energy projects, we are empowering people to build a greener and more prosperous future.”
This partnership marks a turning point in the ECOWAS region’s sustainable development journey, signaling a stronger, more unified approach to tackling environmental challenges. With the support of the EU and the EIB, West Africa is poised to make significant strides toward a more sustainable and equitable future for its people.
The partnership sets the stage for a new chapter in West Africa’s growth story—one that balances economic development with environmental stewardship. With continued investment, technical assistance, and a clear commitment to the region’s future, this €100 million partnership stands as a promising model for future collaborations focused on achieving both sustainable growth and poverty reduction across Africa.
As the region progresses toward achieving its climate change and sustainable development goals, the clarity and purpose of this partnership exemplify a global commitment to creating a cleaner, greener, and more prosperous world for future generations.
