Release date: 12 December 2023
Promoter – Financial Intermediary
ECOWAS BANK FOR INVESTMENT AND DEVELOPMENTLocation
Description
Multi-sector Framework Loan with the ECOWAS Bank for Investment and Development (EBID) for the financing of at least 70% Climate Action (CA) and Environmental Sustainability (ES) projects in the ECOWAS region.
Additionality and Impact
The project aims to strengthen the climate action and energy sectors in the ECOWAS region by providing a credit line to the ECOWAS Bank for Investment and Development (EBID) with a strong focus of at least 70% on Climate Action and Environmental Sustainability (CA&ES).
These funds will be channelled into various sectors to support climate change mitigation, sustainable economic development and regional integration within ECOWAS. EIB financing will be considered as complementary, filling financing gaps while strengthening EBID's financial position with a diversified, longer-term and competitive funding structure. This initiative is strategically aligned with ECOWAS and EU priorities including the Neighbourhood, Development and International Cooperation Instrument (NDICI), supporting nationally determined contribution commitments, regional climate change strategies and poverty reduction, and is consistent with EU-Africa cooperation strategies. The project is further expected to support the Global Gateway strategy of the EU by enabling infrastructure improvements.
In addition, the project is expected to advance several SDGs. It addresses market failures, in particular the lack of competitive access to finance in sub-Saharan Africa for CA&ES projects. The individual projects are expected to yield strong economic returns and wider social benefits, supported by the EIB's contributions and expected technical advisory support.
Objectives
The project will help the financing of Climate Action and Environmental Sustainability projects in West African countries.
Sector(s)
- Education - Education
- Health - Human health and social work activities
- Water, sewerage - Agriculture, forestry and fishing
- Energy - Electricity, gas, steam and air conditioning supply
- Water, sewerage - Water supply; sewerage, waste management and remediation activities
Under Global Europe NDICI guarantee
Under EFSD+ Guarantee
Proposed EIB finance (Approximate amount)
EUR 150 million
Total cost (Approximate amount)
EUR 300 million
Environmental aspects
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
Procurement
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
Status
Signed - 13/05/2024
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).