These were made known in a statement signed by Anita Somda-Dala, Head of Communications at EBID, stating:

“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 European Commissioner for International Partnerships, Jozef Síkela, emphasised 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.”

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“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.

According to the statement,  a technical assistance programme focused on climate action training and capacity building is also part of the package.

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, while acknowledging the crucial role of sustainable finance in regional growth, stated:

“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.

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.

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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.

The Eagle reports that current climate issues have made renewable energy the way to go, both for environmental friendliness and for other associated benefits.