The ECOWAS Bank for Investment and Development (EBID) has entered into a strategic partnership with the European Investment Bank (EIB) to mobilise €300 million for clean energy projects across the Economic Community of West African States (ECOWAS) region. The initiative, backed by the European Union (EU), aims to accelerate renewable energy adoption, drive climate action, and enhance economic growth across West Africa.
In a statement on Sunday, EBID’s Head of Communications, Anita Somda-Dala, highlighted that the partnership reflects both institutions’ commitment to fostering sustainable investments that will support climate mitigation efforts in the region. The collaboration will prioritise renewable energy solutions, sustainable agriculture, and water treatment, key sectors that contribute to environmental sustainability and economic resilience.
With over half a billion people in Africa lacking access to electricity, European Commissioner for International Partnerships, Jozef Síkela, underscored the significance of the initiative in tackling energy poverty and ensuring sustainable development. The financing will be directed towards projects that promote clean energy alternatives, including small and medium-sized photovoltaic systems, which can provide stable and affordable electricity to underserved communities.
EIB Vice-President Ambroise Fayolle stressed that by mobilising €300 million for clean energy initiatives, the partnership is empowering the ECOWAS region to embrace greener technologies and transition towards a low-carbon economy. The investments are expected to enhance energy security, create jobs in the renewable energy sector, and reduce the region’s dependence on fossil fuels.
Beyond financing clean energy projects, the EIB loan will also support a technical assistance programme focused on climate action training and capacity building. This will equip local stakeholders, including governments and private sector players, with the necessary skills and knowledge to implement and manage sustainable energy projects effectively.
The initiative aligns with international climate goals and regional economic strategies, reinforcing the commitment of EBID and EIB to fostering environmentally friendly investments that drive long-term economic growth. It is expected to attract further investments from global development partners, positioning West Africa as a key player in the global renewable energy transition.
By strengthening West Africa’s renewable energy infrastructure, the EBID-EIB partnership marks a significant milestone in the region’s journey toward sustainability. Experts believe the initiative will not only reduce carbon emissions but also improve living standards, enhance food security through climate-resilient agricultural practices, and support regional economic integration.
As West Africa continues to face the challenges of climate change and energy scarcity, this collaboration is seen as a crucial step in building a cleaner, more sustainable, and economically vibrant future for the region.
