- West Africa has secured a €100 million investment to boost renewable energy development, marking a significant milestone in the region’s push for sustainable growth.
- This investment, part of a broader €150 million financial commitment, will focus on expanding access to solar, hydro, and other renewable energy sources.
West Africa has secured a €100 million investment to boost renewable energy development, marking a significant milestone in the region’s push for sustainable growth and climate resilience.
The funding, a collaboration between the ECOWAS Bank for Investment and Development (EBID) and the European Investment Bank (EIB), with support from the European Union (EU), aims to bridge the financing gap for clean energy projects.
This investment, part of a broader €150 million financial commitment, will focus on expanding access to solar, hydro, and other renewable energy sources.
It is also expected to strengthen West Africa’s energy infrastructure, stimulate economic growth, and reduce carbon emissions.
The initiative aligns with ECOWAS’s Vision 2050, prioritising regional integration, private sector development, and environmental sustainability.
Mory Soumahoro, vice president in charge of Risk and Control at EBID, emphasised the importance of the partnership, describing it as a vital step toward addressing the region’s development challenges.
He noted that the funding will provide ECOWAS member states with the financial resources needed to achieve sustainable growth. The renewable energy projects under this initiative will focus on increasing access to electricity, mainly through solar photovoltaics and hydroelectric power.
“This commitment to cleaner energy will play a key role in the region’s energy transition, providing millions with reliable and sustainable power sources,” he said.
Ambroise Fayolle, Vice-President of the EIB, highlighted the significance of this investment, stating that it will contribute to economic development, climate action, and environmental sustainability in the ECOWAS region.
“It fills a significant financing gap and directly contributes to improving living conditions,” he added.
Fayolle also said that the EIB would provide technical assistance to local stakeholders to strengthen their ability to implement climate-focused projects.
This includes financial engineering training and consulting, ensuring that investments are effectively managed for long-term impact.
“The partnership also seeks to tackle Africa’s energy access issues, with over half a billion people still lacking electricity,” he stated.
The EU has pledged an additional €300 million to accelerate clean energy projects, underscoring its commitment to helping communities transition to sustainable energy solutions.
Jozef Síkela, European Commissioner for International Partnerships, emphasised the urgency of this initiative, stating that it aims to empower communities to build a greener and more prosperous future.
He said, “This €100 million investment signals a turning point in West Africa’s development trajectory, demonstrating a stronger and more coordinated effort to combat environmental challenges.”
“With continued investment, technical support, and a clear commitment to sustainable growth, this partnership serves as a model for future collaborations focused on both economic progress and climate resilience across Africa,” he noted.