The Board of Directors of the African Development Bank Group has approved a $100 million financing package for the ECOWAS Bank for Investment and Development (EBID), marking a significant stride toward strengthening development financing and accelerating clean energy investment across West Africa.
The package comprises two components: a $30 million equity investment by the African Development Bank Group in EBID, intended to provide a solid financial foundation enabling the bank to take on larger and more impactful projects, alongside additional funding to support various renewable energy initiatives.
The renewable energy projects supported under the programme are projected to improve electricity access for more than 250,000 households, directly benefiting nearly 1.4 million people across the region, while reducing carbon emissions by approximately 355,500 tonnes of CO2 annually. The financing aligns with the African Development Bank’s broader push to promote sustainable energy solutions on the continent, building on initiatives including a $14.54 million package for the Garneton North 20-megawatt solar project in Zambia and a Green Hydrogen Programme offering up to $20 million in pre-investment financing for private sector projects across Africa.
Source: SolarQuarter