The ECOWAS Bank for Investment and Development (EBID) has achieved a significant milestone with its landmark accreditation to the Green Climate Fund (GCF).
This is contained in a statement issued by the Head of Communications and External Relations, EBID, Anita Somda-Dala on Wednesday.
The statement said 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 the development would ultimately fortify the resilience of local communities against the adverse effects of climate change.
The statement added that it would accelerate the transition towards a low carbon, climate-resilient economy while ensuring alignment with the United Nations Sustainable Development Goals.
The statement said EBID had committed over one billion dollars to sustainability-driven projects as part of its strategy for 2021-2025.
It said the bank had solidified its commitment to climate friendly investments by securing a €100 million credit agreement with the European Investment Bank.
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 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 mobilise 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.
The GCF is the United Nations primary mechanism for providing financial support to developing countries in their fight against climate change.
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