ECOWAS Bank and European Investment Bank Launch €100 Million Partnership to Drive Climate Action in West Africa

ECOWAS Bank and European Investment Bank Launch €100 Million Partnership to Drive Climate Action in West Africa

(IN BRIEF) The ECOWAS Bank for Investment and Development (EBID) and the European Investment Bank (EIB), with support from the European Union (EU), have launched a €100 million partnership aimed at addressing climate action and environmental sustainability challenges in the ECOWAS region. The initiative focuses on projects in renewable energy, sustainable agriculture, and water treatment, helping to reduce poverty and improve livelihoods. This partnership supports the EU’s Global Gateway strategy and ECOWAS Vision 2050 by investing in critical infrastructure and fostering sustainable development. The project is expected to mobilize at least €300 million, with technical assistance provided to ensure its long-term impact.

(PRESS RELEASE) LUXEMBOURG, 28-Feb-2025 — /EuropaWire/ — The European Investment Bank (EIB), the lending arm of the European Union,

The ECOWAS Bank for Investment and Development (EBID) and the European Investment Bank (EIB), supported by the European Union (EU), have officially announced a €100 million financial partnership aimed at fostering climate action and environmental sustainability in the ECOWAS region.

A Partnership for Positive Change

This new €100 million credit line, which is part of a €150 million funding envelope, marks the first collaboration between the EIB and the EBID. The partnership aims to fill critical financing gaps in key areas like economic development, climate action, and environmental sustainability. By targeting renewable energy projects, sustainable agriculture, and water treatment initiatives, this facility seeks to improve livelihoods, reduce poverty, and advance long-term sustainability in the region.

The agreement highlights the shared commitment of the EBID and EIB to encourage sustainable investments throughout the ECOWAS region. Special emphasis will be placed on climate mitigation efforts, with a focus on small and medium-sized photovoltaic projects that can play a pivotal role in the energy transition.

A Strategic Vision for the Future

The project is part of a larger vision with expected investments totaling at least €300 million. It aligns with both ECOWAS’ regional priorities and the EU’s broader strategy for Africa, notably through the Africa-European Union Green Energy Initiative and the Global Gateway strategy. This collaboration is designed to support ECOWAS Vision 2050, focusing on environmental sustainability, economic growth, private sector development, and regional integration. Additionally, the initiative aligns with various UN Sustainable Development Goals (SDGs), including clean water and sanitation, sustainable agriculture, and affordable and clean energy.

Dr. Mory Soumahoro, Vice President of Risk and Control at EBID, commented, “This credit line is a vital step in supporting the growth and sustainable development of ECOWAS member countries. It underscores EBID’s commitment to facilitating access to sustainable finance for the region.”

EIB Vice-President Ambroise Fayolle expressed his enthusiasm, stating, “I am delighted to sign this historic operation with EBID. This partnership will help bridge the financing gap in the ECOWAS region, support poverty reduction, and improve daily life. Through EIB Global, we are committed to the EU’s Global Gateway initiative and helping key sectors such as renewable energy, agriculture, and transport.”

European Commissioner for International Partnerships, Jozef Síkela, emphasized the importance of the partnership, saying, “More than half a billion people in Africa still lack access to electricity. This collaboration is a clear demonstration of our dedication to supporting sustainable development and climate action in Africa. By mobilizing €300 million for clean energy projects, we are empowering people across the ECOWAS region to create a greener, more prosperous future.”

The EIB’s contribution will be complemented by a technical assistance program focused on climate action, providing vital training and capacity building to ensure the long-term success of these initiatives.

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

Media contact:

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+352 4379 – 83330

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SOURCE: European Investment Bank