The ECOWAS Bank for Investment and Development (EBID) says it has achieved a significant milestone with its landmark accreditation to the Green Climate Fund (GCF).
A statement by Anita Somda-Dala, Head of Communications and External Relations, EBID, on Wednesday said that the accreditation would unlock new opportunities to support climate change initiatives across West Africa.
“This remarkable accreditation 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,” the statement said.
It said that the development would ultimately fortify the resilience of local communities against the adverse effects of climate change.
It added that it would accelerate the transition towards a low carbon, climate-resilient economy while ensuring alignment with the United Nations
Sustainable Development Goals (SDGs).
The statement said that as part of its Strategy for 2021-2025, EBID has already committed over USD 1 billion to sustainability-driven projects.
It said that the Bank has solidified its commitment to climate friendly investments by securing a EUR 100 million credit agreement with the European Investment Bank (EIB).
According to it, the agreement is 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,” the statement said.
The statement quoted the President and Chairman of the Board of Directors of EBID, Dr George Agyekum Donkor, as saying,
“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 mobilize resources, unlocking opportunities, and building a better future for the people of West Africa.”
The statement noted that 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 Green Climate Fund (GCF) is the United Nations’ primary mechanism for providing
financial support to developing countries in their fight against climate change.
