The Advisory Board of the Africa Prize for Sustainable Development, in partnership with the United Nations Educational, Scientific and Cultural Organization (UNESCO), has chosen the ECOWAS Bank for Investment and Development (EBID) as winner of the “Financial Institution of the Year – Africa” category of the African Sustainable Development Prize. The award will be presented at an event scheduled for December 30, 2024 at the International Conference Hall in Accra, Ghana.
This award recognizes EBID’s exceptional involvement in implementing sustainable practices across Africa and its commitment to advancing the continent environmentally, socially and economically, in line with the Sustainable Development Goals (SDGs). ) of the UN.
In line with its mission to improve access to sustainable financial resources in West Africa, the Bank has committed to date more than USD 1 billion in sustainability-focused projects, guided by its 2021- 25.
The Bank’s focus on sustainable initiatives has gained international recognition, so much so that the European Investment Bank (EIB) recently granted a €100 million credit line to support projects sustainable and climate-friendly in the ECOWAS sub-region.
As a reminder, in February 2023, the EBID published its first Environmental, Social and Governance (ESG) Financing Framework, thus formalizing its commitment to green financing and sustainable development initiatives. This publication was followed by the first edition of a discussion framework initiated by the Bank entitled “The President’s Round Table” on the theme “Making West Africa green” in October 2023. The program, which brought together environmental and sustainable development experts, focused on the effects of climate change in West Africa and made proposals for climate-friendly economic development.
Furthermore, EBID recently made history by becoming the first Development Finance Institution (DFI) to issue a green, social and sustainable bond on the UEMOA regional financial market through the Regional Securities Exchange (BRVM). This historic transaction was oversubscribed within 48 hours.
Finally, the Bank is finalizing its accreditation with the Green Climate Fund (GCF) and, in this regard, recently received a high-level GCF delegation from South Korea, for discussions on measures to to position the Bank to better support the sub-region in this area.
The African Sustainable Development Award (ASA) is a platform that honors individuals, organizations, businesses, NGOs and government agencies that demonstrate significant commitment to sustainable practices.
About EBID
The ECOWAS Bank for Investment and Development (EBID) is the Development Finance Institution of the fifteen (15) member states of the Economic Community of West African States (ECOWAS) which are: Benin, Burkina Faso, Cape Verde, Coast of Ivory, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo. Based in Lomé, in the Togolese Republic, the Bank is committed to financing development projects and programs covering various initiatives in the sectors of infrastructure and basic social services, rural development and the environment, industry as well as social services, through its counters dedicated to the private and public sectors. The EBID’s interventions take the form of long, medium and short-term loans, equity investments, granting of credit lines and establishment of framework refinancing agreements, financial engineering operations and related services.
www.bidc-ebid.org
