The ECOWAS Bank for Investment and Development (EBID) has secured a €1 million grant from the European Investment Bank (EIB) to support climate-related and sustainable development initiatives across West Africa.
The announcement was made by Dr. George Agyekum Donkor, President and Board Chairman of EBID, during the Africa Sustainability Awards held at the Accra International Conference Centre on December 30.
Dr. Donkor emphasized EBID’s commitment to tackling climate issues and promoting sustainable development in alignment with the United Nations Sustainable Development Goal (SDG) 13.
“For us to sustain our operations, it is important to pay attention to climate issues in accordance with SDG 13. Therefore, the bank has committed itself to ensuring that climate issues are taken seriously. For that reason, we have financed a number of climate-related projects across all the countries of West Africa,” he remarked.
The funds from the EIB will enhance EBID’s ongoing efforts in financing projects that prioritize sustainability in agriculture, energy, mining, infrastructure, and industry. These initiatives aim to address the growing climate challenges in the ECOWAS sub-region while driving economic and social development.
West Africa faces escalating climate challenges, including rising temperatures, unpredictable rainfall patterns, deforestation, and desertification, which threaten food security, water availability, and livelihoods. These factors make climate and sustainable development a critical focus for the region.
According to a 2024 report by the African Development Bank (AfDB), the region loses about 2.5% of its GDP annually due to climate-related disasters, with floods and droughts disproportionately affecting vulnerable populations.
Despite these challenges, governments and regional organizations, including EBID, are stepping up efforts to mitigate the impacts of climate change and promote sustainable development. Initiatives such as renewable energy projects, reforestation programs, and climate-resilient agriculture are gaining momentum.
This announcement solidifies EBID’s reputation as a leader in sustainability and green financing. Over the years, the bank has channeled over $1 billion into sustainability-driven projects and has launched initiatives such as the Environmental, Social, and Governance (ESG) Finance Framework and the issuance of Green, Social, and Sustainable (GSS) Bonds.
Dr. Donkor expressed gratitude to the EIB for its continued partnership and underscored the importance of collaboration in addressing climate change and ensuring sustainable development in West Africa.
The €1 million grant is expected to bolster EBID’s capacity to implement impactful projects that benefit communities and protect the environment across the region.
The Africa Sustainability Awards recognized EBID’s significant contributions to sustainable development, with Dr. Donkor dedicating the award to the bank’s Board of Governors, Finance Ministers, Directors, and staff for their unwavering dedication to advancing the bank’s mission.
