West African Bank Honored for Commitment to Sustainable Development
The ECOWAS Bank for Investment and Development (EBID) has been recognized for its remarkable contributions to sustainable development across West Africa. The bank received the prestigious “Financial Institution of the Year – Africa” award at the africa Sustainable Development Awards ceremony held on December 30, 2024, in Accra, Ghana.The award, presented by the Africa Sustainable Development Award Advisory Board in partnership with UNESCO, highlights EBID’s dedication to environmentally, socially, and economically responsible practices, aligning with the UN’s Sustainable Development Goals (SDGs).
EBID’s commitment to sustainable finance is evident in its investment portfolio. The bank has allocated over $1 billion to projects focused on sustainability since 2021, demonstrating a significant financial commitment to its mission. This dedication has garnered international attention, leading to a €100 million credit line from the European Investment Bank (EIB) to further support eco-friendly projects within the ECOWAS region.
The bank’s proactive approach to environmental,social,and governance (ESG) factors is further underscored by its actions. In February 2023, EBID published its first ESG Financial Framework, solidifying its commitment to green financing. This was followed by a roundtable discussion, “Making West Africa Green,” in October 2023, which brought together experts to address climate change challenges and promote sustainable economic growth in the region.
EBID’s innovative approach to sustainable finance also includes a groundbreaking achievement: it became the first Development Finance Institution (DFI) to issue a green, social, and sustainable bond on the UEMOA regional financial market via the BRVM (regional securities exchange). This bond offering was oversubscribed within just 48 hours, showcasing strong investor interest in sustainable investments.
Looking ahead,EBID is actively working to finalize its credit agreement with the Green Climate Fund (GCF). Recently, the bank hosted a high-level GCF delegation from South Korea to discuss strategies for enhancing support for sustainable development within the ECOWAS region. This collaboration underscores EBID’s commitment to securing international partnerships to further its sustainability goals.
The Africa Sustainable development Awards celebrate individuals and organizations demonstrating a strong commitment to sustainable practices.EBID’s recognition as the “Financial Institution of the Year – Africa” is a testament to its leadership in promoting sustainable development across West Africa.
About the ECOWAS bank for Investment and Development (EBID)
The EBID is a development finance institution serving the 15 member states of the Economic Community of West African States (ECOWAS): Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo. Headquartered in Lomé, Togo, the bank provides financing for development projects and programs across various sectors, including infrastructure, social services, rural development, and environmental initiatives. EBID offers a range of financial instruments, including loans, equity investments, and credit lines, to support both public and private sector projects.
For more facts, visit www.bidc-ebid.org.
Contact: [email protected]
+228 70 70 01 23
EBID: Driving Enduring Finance in West Africa
The ECOWAS Bank for Investment and Development (EBID) has been making waves in the world of sustainable finance, recently receiving recognition as the “Financial Institution of the Year – Africa” for its unwavering commitment to environmental, social, and economic duty. We sat down with Dr. Abena Osei,a leading expert in sustainable development in Africa,to discuss EBID’s groundbreaking work and its impact on the region.
A New Paradigm for Financing Development
World-Today-News.com: Dr.osei, congratulations on EBID receiving such a prestigious award. This recognition highlights the growing importance of sustainable development finance. Can you elaborate on EBID’s unique approach to this?
Dr. Abena Osei: Thank you. EBID’s approach is truly innovative. It’s not just about funding projects; it’s about integrating sustainability into every aspect of its operations. From their Green, Social, and Sustainability bond issuance on the UEMOA regional financial market to their dedication to aligning with the UN’s Sustainable Development Goals, EBID is setting a benchmark for other development finance institutions.
Investing in a Greener Future
World-Today-News.com: EBID has allocated over $1 billion to sustainable projects since 2021. Can you share some examples of the kind of projects that are benefiting from this investment?
Dr. abena Osei: EBID is supporting a diverse range of projects, spanning renewable energy, sustainable agriculture, water management, and social infrastructure. For instance, they are financing solar power plants that are bringing clean energy to rural communities, and they’re backing irrigation projects that are increasing food security and boosting livelihoods.
Forging International Partnerships
World-Today-News.com: It’s encouraging to see EBID collaborating with international partners like the Green Climate Fund. How significant are these partnerships in advancing EBID’s sustainability goals?
Dr. Abena Osei: These partnerships are absolutely crucial. They not only provide additional financial resources but also bring in expertise, knowledge sharing, and access to global best practices. The collaboration with the Green Climate Fund is particularly significant, as it allows EBID to tap into a global pool of climate finance dedicated to supporting developing countries like those in the ECOWAS region.
looking Ahead: A vision for Sustainable Growth
World-Today-News.com: what do you see as the biggest challenges and opportunities for EBID in the years ahead?
Dr. Abena Osei: The challenges include mobilizing sufficient capital for large-scale sustainable projects, staying ahead of the curve on emerging sustainability trends, and ensuring that the benefits of sustainable development are equitably distributed across the ECOWAS region. However, the opportunities are immense. EBID is well-positioned to be a leader in the global movement towards a sustainable future, driving inclusive economic growth, and ensuring a better quality of life for millions of people in West Africa.
