West Africa Secures €100M for Renewables

March 03, 2025 • Estimated Reading Time: 2 minutes

Key Figures & Findings: West Africa has secured a €100 million investment from the ECOWAS Bank for Investment and Development (EBID) and the European Investment Bank (EIB), which is backed by the European Union (EU). The funding aims to accelerate solar, hydro, and renewable energy projects to expand electricity access, reduce carbon emissions, and stimulate economic growth. Mory Soumahoro, EBID Vice President, called it a crucial step in addressing regional energy challenges, while EIB Vice President Ambroise Fayolle emphasized its role in economic development and climate resilience.

Statistics & Insights: The €100 million is part of a larger €150 million initiative, with an additional €300 million pledged by the EU for clean energy expansion. The investment will help electrify millions in ECOWAS countries, where over 500 million people still lack reliable power access.

Future Implications: If successful, this initiative could significantly lower West Africa’s carbon footprint and enhance energy security, supporting ECOWAS’s Vision 2050 for regional sustainability. It may also serve as a model for future clean energy investments across Africa.