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The Lome, Togo-based ECOWAS Bank for Investment and Development (EBID) has been accredited to the Green Climate Fund (GCF), unlocking new opportunities to support climate change initiatives across West Africa.
The remarkable accreditation, it was gathered, improves EBID’s ability to finance climate-resilient development across the ECOWAS region, building on its existing sustainability portfolio and green advocacy initiatives. The move positions EBID as a direct channel for global climate funds into critical regional projects.
Through this partnership, EBID will expand its capacity to finance infrastructure, renewable energy, and green economy initiatives, ultimately fortifying the resilience of local communities against the adverse effects of climate change, and accelerate the transition towards a low- carbon, climate-resilient economy while ensuring alignment with the United Nations Sustainable Development Goals (SDGs).
As part of its Strategy for 2021-2025, EBID has already committed over $1 billion to sustainability-driven projects. Furthermore, the Bank has solidified its commitment to climate- friendly investments by securing a €100 million credit agreement with the European Investment Bank (EIB), aimed at bolstering sustainable development initiatives within the ECOWAS sub-region.
These strategic investments underscore EBID’s commitment to fostering a green and resilient economic future for West Africa through spearheading climate- smart financial solutions that empower member states to implement transformative projects to address climate risks and support sustainable economic growth.
Commenting on the Accreditation, The President and Chairman of the Board of Directors of EBID, Dr George Agyekum Donkor, remarked, “This is a significant step towards a future where economic growth and environmental sustainability go hand-in-hand. We are committed to leveraging this accreditation to mobilise resources, unlocking opportunities, and building a better future for the people of West Africa.”
As climate challenges intensify across West Africa, the GCF accreditation empowers EBID to deliver targeted innovative financial solutions that create an inclusive and climate resilient economic growth for ECOWAS member states.
For EBID, the accreditation strengthens its capacity to:
- Design and implement large-scale climate adaptation and mitigation projects,
- Leverage additional climate finance from international partners,
- Provide technical assistance to member states in developing bankable climate projects,
- Align regional development with global climate goals.
The GCF is the United Nations’ primary mechanism for providing financial support to developing countries in their fight against climate change. Officially launched at the Durban Climate Change Conference (COP17) in 2011, the GCF facilitates the transfer of funds from developed nations to the most vulnerable economies, financing projects that reduce greenhouse gas emissions and enhance climate adaptation measures.
Through EBID’s partnership with the GCF, the Bank has enhanced its ability to support ECOWAS Member States in meeting their climate commitments while advancing their sustainable development goals to create sustainable economic opportunities for their citizens and the future generations.
