As a first step, the institutions have announced a €100 million financial agreement to support climate action and environmental sustainability projects in the region. This initial tranche is part of a broader €150 million funding envelope and marks the EIB’s first collaboration with EBID.
The funding will address critical financing gaps in economic development, climate action, and environmental sustainability, contributing to poverty reduction and improved livelihoods in ECOWAS member states. The partnership underscores EBID and EIB’s shared commitment to fostering sustainable investments, particularly in sectors that support climate mitigation.
Projects eligible for financing under this initiative include renewable energy ventures, such as small and medium-sized photovoltaic projects, sustainable agriculture, and water treatment systems. These efforts align with the ECOWAS Vision 2050, which prioritizes environmental sustainability, economic growth, private sector development, and regional integration. Additionally, the initiative supports the ECOWAS Regional Climate Strategy and Action Plan for 2022–2030.
The €300 million project is also a key component of the European Union’s strategy in Africa, particularly under the Africa-European Union Green Energy Initiative and the Global Gateway strategy, which aims to strengthen Europe’s global partnerships through sustainable and resilient infrastructure development.
Furthermore, the initiative contributes to several United Nations Sustainable Development Goals (SDGs), including affordable and clean energy, clean water and sanitation, sustainable agriculture, health, and quality education.
Statements from Key Stakeholders
Dr. Mory Soumahoro, EBID Vice President for Risk and Control, expressed appreciation for the initiative, stating, “This credit line from the European Investment Bank is a vital step toward enhancing growth and sustainable development in ECOWAS countries. It reflects EBID’s dedication to helping member states access sustainable financing solutions.”
EIB Vice-President Ambroise Fayolle highlighted the significance of the partnership, saying, “I am delighted to sign this first agreement with EBID, which will support economic development, climate action, and environmental sustainability in the ECOWAS region. This collaboration will help bridge financial gaps, reduce poverty, and improve the quality of life for people in the region. Through EIB Global, we are committed to advancing the EU’s Global Gateway initiative and supporting key sectors like renewable energy, water, agriculture, and transport.”
European Commissioner for International Partnerships, Jozef Síkela, emphasized the broader impact of the initiative, noting, “Over half a billion people in Africa still lack access to electricity. This partnership between EBID and EIB demonstrates our commitment to addressing this challenge and promoting sustainable development and climate action in Africa. By mobilizing €300 million for clean energy projects, we are empowering the ECOWAS region to build a greener and more prosperous future.”