The ECOWAS Bank for Investment and Development (EBID) and the European Investment Bank (EIB) have announced a strategic €100 million partnership to accelerate environmental sustainability initiatives across the ECOWAS region. This financing agreement, backed by the European Union (EU), will drive investment in climate action, renewable energy, and sustainable development.
This collaboration, which falls under a broader €150 million funding envelope, marks the EIB’s first engagement with EBID. The partnership aims to address critical financing gaps, fostering economic growth, poverty reduction, and environmental resilience in West Africa.
The funds will be channeled into projects focused on renewable energy, particularly small and medium-sized photovoltaic initiatives, sustainable agriculture, and water management. With a total projected investment of at least €300 million, these initiatives align with ECOWAS Vision 2050, the ECOWAS Regional Climate Strategy, and the EU-Africa Green Energy Initiative.
Read more: Climate action for Africa’s future
Dr. Mory Soumahoro, EBID Vice President for Risk and Control, highlighted the significance of the partnership in facilitating access to sustainable financing. “This credit line strengthens our mission to support ECOWAS member states in their sustainable development journey,” he noted.
EIB Vice-President Ambroise Fayolle reaffirmed the bank’s commitment to supporting climate action and economic growth in West Africa. “This initiative will help bridge financial gaps while improving livelihoods and promoting sustainable development in key sectors such as energy, digital economy, agriculture, and transportation,” he stated.
Jozef Síkela, European Commissioner for International Partnerships, emphasized the importance of expanding access to clean energy. “With over half a billion people in Africa lacking electricity, this partnership demonstrates our commitment to sustainable development by mobilizing €300 million for climate-friendly projects,” he said.
In addition to financial support, the EIB will provide technical assistance, including climate action training and capacity-building programs, further reinforcing sustainable development efforts in the region.
