In a major boost for sustainable development, the ECOWAS Bank for Investment and Development (EBID) and the European Investment Bank (EIB) have secured a €300 million financing agreement to accelerate clean energy projects across West Africa. 

This initiative, backed by the European Union (EU), aims to address the region’s energy deficit, enhance climate resilience, and stimulate economic growth.

The financial facility is designed to support investments in renewable energy, sustainable agriculture, and water treatment, with a focus on expanding energy access to millions of people who still lack reliable electricity. 

The partnership is expected to unlock additional investments from global development partners, encouraging private sector participation in the green energy transition.

According to a statement signed by Anita Somda-Dala, Head of Communications at EBID, the agreement underscores the commitment of both institutions to sustainable finance and climate action.

“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.

European Commissioner for International Partnerships, Jozef Síkela, highlighted the urgent need for clean energy investments in Africa, noting that more than half a billion people on the continent still lack electricity. He emphasized that the partnership aligns with the EU’s Africa strategy and the Africa-European Union Green Energy Initiative.

EIB Vice-President Ambroise Fayolle reaffirmed the bank’s dedication to promoting climate-friendly investments.

“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.” he said.

Beyond financing, the initiative includes a technical assistance programme focused on climate action training and capacity building. 

This will help ECOWAS member states implement sustainable infrastructure projects effectively while strengthening their resilience to climate change.

Dr. Mory Soumahoro, EBID Vice President for Risk and Control, welcomed the initiative as a crucial step toward economic stability and environmental sustainability in the region.

“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 stated.

The total investment under this facility is expected to exceed €300 million, reinforcing ECOWAS Vision 2050, which prioritizes regional economic integration, environmental sustainability, and poverty reduction. 

It also aligns with multiple Sustainable Development Goals (SDGs), including clean energy, climate action, water and sanitation, and economic growth.

EIB Global, the bank’s development branch, will support key sectors such as digital innovation, transport, and renewable energy as part of the EU’s Global Gateway initiative. Fayolle emphasized that this collaboration represents a significant step in bridging the financial gap for sustainable projects in West Africa.

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,” he noted. 

With energy access remaining a critical challenge in the ECOWAS region, this landmark financing agreement is expected to drive significant progress in clean energy deployment, job creation, and economic development, paving the way for a more sustainable and resilient West Africa.