EBID gets Global Climate Fund accreditation
The ECOWAS Bank for Investment and Development (EBID) has been accredited to be part of the Green Climate Fund (GCF), allowing it to support climate change projects and initiatives across West Africa.
The Green Climate Fund (GCF) is the United Nations’ primary mechanism for providing financial support to developing countries in their fight against climate change.
Launched during 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.
With EBID getting accreditation to the fund, it would expand the regional bank’s capacity to finance green infrastructure, renewable energy and green economy initiatives as part of efforts to help West African countries transition towards a low- carbon and climate resilient economy initiatives line with the United Nations Sustainable Development Goals (SDGs).
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Climate strategy
The President and Chairman of the Board of Directors of EBID, Dr George Agyekum Donkor, described the accreditation as significant milestone and was in tandem of the bank’s strategy of funding sustainability-driven projects.
“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,” he said
Dr Donkor explained that the bank had already committed over $1billion in green and sustainability-related projects and has also secured over $100 million credit facility from external sources to promote 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,” he said.
