The ECOWAS Bank for Investment and Development (EBID) and the European Investment Bank (EIB), with backing from the European Union (EU), have joined forces to mobilise a €300 million credit line aimed at supporting clean energy initiatives across the ECOWAS region.
As part of this effort, the institutions have launched an initial €100 million financial partnership to fund climate action and environmental sustainability projects.
This €100 million credit facility, signed under a broader €150 million framework, marks the EIB’s first collaboration with EBID.
The funding will support economic development, climate resilience, and environmental sustainability across ECOWAS, bridging financial gaps in these critical sectors while promoting sustainable livelihoods and poverty reduction. The initiative also underscores the commitment of EBID and EIB to drive sustainable investments, particularly in areas contributing to climate change mitigation.
The projects to be financed under this scheme will focus on renewable energy, particularly small- and medium-scale photovoltaic projects, as well as sustainable agriculture and water treatment initiatives.
With a total investment target of at least €300 million, this initiative aligns with the strategic priorities of the ECOWAS region and forms part of the European Union’s broader Africa-Europe cooperation framework under the Green Energy Initiative and the Global Gateway strategy.
These efforts aim to build resilient global connections and advance economic integration between Africa and Europe.
Additionally, the project supports the ECOWAS Vision 2050 goals, which prioritise environmental sustainability, economic growth, private sector development, and regional integration.
It also aligns with the ECOWAS Regional Climate Strategy and the Action Plan for 2022–2030. The initiative will contribute to several Sustainable Development Goals (SDGs), including clean water and sanitation, affordable and clean energy, sustainable agriculture, and improved public health and education.
“We appreciate this line of credit as an initiative of the European Investment Bank to help ECOWAS countries increase their growth and sustainable development,” stated Dr. Mory Soumahoro, EBID Vice President for Risk and Control.
Echoing this sentiment, EIB Vice-President Ambroise Fayolle remarked, “I am very delighted to sign this first operation with the EBID to support economic development, climate action and environmental sustainability in the ECOWAS region. It will help to bridge the financial gap in this region while contributing to reduce poverty and ameliorate daily lives.”
Fayolle further emphasized the EIB’s commitment to regional development: “By contributing financially to this project, the EIB demonstrates its commitment to regional integration and developed infrastructure for the benefit of local populations. Through EIB Global, our branch dedicated to development, we aim to support the EU’s Global Gateway initiative and key sectors in the region such as innovation, digital economy, renewable energy, water, agriculture and transport.”
Jozef Síkela, European Commissioner for International Partnerships, highlighted the significance of the initiative, stating, “More than half a billion people in Africa still lack access to electricity. Our longstanding goal is to change that. The partnership between the ECOWAS Bank for Investment and Development and the European Investment Bank is a clear demonstration of our commitment to supporting sustainable development and climate action in Africa.
“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.”
