THE ECOWAS Bank for Investment and Development (EBID) and the European Investment Bank (EIB), with support from the European Union (EU), have announced a €100 million financial partnership to promote climate action and environmental sustainability projects across the ECOWAS region. The agreement, signed on Friday, February 28, 2025, marks the EIB’s first collaboration with EBID, underscoring both institutions’ commitment to sustainable development in West Africa.

The €100 million credit line is part of a larger €150 million financing envelope and will fund projects that address climate change, promote environmental sustainability, and boost economic growth. The initiative is expected to fill the financing gap in key sectors, such as renewable energy, sustainable agriculture, and water treatment, contributing to poverty reduction and improved livelihoods in the ECOWAS region.

“This partnership demonstrates EBID’s commitment to supporting regional member countries’ access to sustainable sources of finance,” said Dr. Mory Soumahoro, EBID Vice President of Risk and Control.

The facility will particularly support small and medium-sized photovoltaic solar projects, clean energy solutions, and environmental conservation initiatives that align with the region’s climate mitigation strategies.

The initiative aligns with the strategic priorities of the ECOWAS region, including the ECOWAS Vision 2050, which focuses on environmental protection, private sector development, and regional integration. The project also supports the ECOWAS Regional Climate Strategy and the 2022-2030 Action Plan, aimed at building climate resilience across West Africa.

The partnership contributes directly to several Sustainable Development Goals (SDGs), including: Affordable and Clean Energy (SDG 7); Clean Water and Sanitation (SDG 6); Sustainable Agriculture (SDG 2); Health and Quality Education (SDG 3 and SDG 4).

“This operation will help bridge the financial gap in this region while contributing to poverty reduction and improving daily lives,” said Ambroise Fayolle, EIB Vice-President. “Through EIB Global, we aim to support the EU’s Global Gateway Initiative and key sectors such as renewable energy, digital economy, agriculture, and transport.”

The Global Gateway strategy is the EU’s model for building stronger, more resilient connections with partner regions. The EIB is a key player in this initiative, aiming to support €100 billion in investments by 2027 — approximately one-third of the strategy’s total target.

Highlighting the partnership’s significance, Jozef Síkela, European Commissioner for International Partnerships, said:

“More than half a billion people in Africa still lack access to electricity. Our long-standing goal is to change that. This partnership is a clear demonstration of our commitment to supporting sustainable development and climate action in Africa. By mobilising €300 million for clean energy projects, we are empowering people in the ECOWAS region to build a greener and more prosperous future.”

The EIB loan will be accompanied by a technical assistance program that provides training and capacity building for climate action-focused projects. The program is aligned with the EIB and EBID’s broader initiatives supporting sustainable infrastructure, innovation, and environmental protection.

The European Investment Bank (EIB) is the financing institution of the EU, supporting projects that contribute to the Union’s key objectives. EIB Global, its specialist arm for international partnerships, aims to strengthen the impact of development finance by supporting the Global Gateway Initiative and working with local institutions to promote sustainable investments.

The ECOWAS Bank for Investment and Development (EBID) is the financial arm of ECOWAS, dedicated to financing development projects that promote regional integration and economic development across West Africa.

The partnership between EBID, EIB, and the EU represents a major step in addressing climate change and promoting sustainable development in the ECOWAS region. As projects under this facility take off, the collaboration is expected to not only bridge financing gaps but also improve livelihoods, create jobs, and support a greener, more resilient future for West Africa.

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by Chima Nwokoji