ECOWAS bank, European Investment Bank partner to mobilise €300 million for clean energy projects in West Africa 

The ECOWAS Bank for Investment and Development (EBID) has entered into a strategic partnership with the European Investment Bank (EIB) to mobilise €300 million for clean energy projects across the Economic Community of West African States (ECOWAS) region.

The collaboration, supported by the European Union (EU), aims to accelerate the transition to renewable energy, drive climate action, and enhance economic development in the sub-region.

A statement signed by Anita Somda-Dala, Head of Communications at EBID, highlighted that the partnership demonstrates the commitment of both institutions to fostering sustainable investments in West Africa.

“This facility affirms joint EBID and EIB targeted support for sustainable investments across the ECOWAS region, with particular support for sectors contributing to climate mitigation,” the statement read quoted by the News Agency of Nigeria (NAN) on Sunday.

The European Commissioner for International Partnerships, Jozef Síkela, emphasized the significance of the initiative, stating that over half a billion people in Africa still lack access to electricity.

“This facility affirms joint EBID and EIB targeted support for sustainable investments across the ECOWAS region, with particular support for sectors contributing to climate mitigation. The project which will be financed by this operation target particularly renewable energy including small and medium-sized photovoltaic projects, sustainable agriculture and water treatment,” the statement read. 

It also quoted the EIB Vice-President, Ambroise Fayolle, as saying, “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.”

Focus on Renewable Energy and Infrastructure 

The statement detailed that the EIB loan will be accompanied by a technical assistance programme focused on climate action training and capacity building. The initiative is closely aligned with the EIB and EBID’s sustainable development objectives and will target sectors such as renewable energy, water treatment, and sustainable agriculture.

“The projects financed by this operation will particularly focus on renewable energy, including small and medium-sized photovoltaic projects, sustainable agriculture, and water treatment,” the statement added. 

The total investment, expected to surpass €300 million, aligns with the strategic priorities of the ECOWAS region and forms part of the Africa-European Union Green Energy Initiative under the EU’s Africa strategy.

Alignment with ECOWAS Vision 2050 and SDGs 

According to the statement, the initiative supports ECOWAS Vision 2050 by addressing environmental challenges, promoting economic growth, fostering private sector development, and enhancing regional integration. Additionally, the project contributes to the achievement of multiple Sustainable Development Goals (SDGs), including sustainable agriculture, health and quality education, clean water and sanitation, and affordable clean energy.

Dr. Mory Soumahoro, EBID Vice President for Risk and Control, welcomed the initiative, acknowledging the crucial role of sustainable finance in regional growth.

“We appreciate this line of credit as an initiative of the European Investment Bank to help ECOWAS countries increase their growth and sustainable development. This partnership demonstrates EBID’s commitment to supporting regional member countries’ access to sustainable sources of finance,” he said. 

Bridging the Financial Gap for Climate Action 

EIB Vice-President Ambroise Fayolle echoed the importance of the partnership in tackling climate change and economic disparities in the ECOWAS region.

“I am very delighted to sign this first operation with EBID to support economic development, climate action, and environmental sustainability in the ECOWAS region. It will help bridge the financial gap in this region while contributing to poverty reduction and improving daily lives,” Fayolle said. 

He further noted that EIB Global, the bank’s development branch, will work towards supporting the EU’s Global Gateway initiative and key sectors such as innovation, digital economy, renewable energy, water, agriculture, and transport in the region.

Strengthening Climate Resilience in West Africa 

The ECOWAS region faces significant challenges in energy access, environmental sustainability, and economic stability.

• With this partnership, EBID and EIB aim to drive investment in climate-resilient projects that will not only address these challenges but also create job opportunities, stimulate economic growth, and improve the quality of life for millions of people.
• The financial facility is expected to encourage private sector participation in green energy initiatives and attract additional investments from global development partners.
• By fostering a robust renewable energy ecosystem, the initiative aligns with international climate goals and regional economic aspirations.

This landmark collaboration marks a significant step towards a cleaner, more sustainable, and economically vibrant West Africa.