KEY POINTS
- ECOWAS unveils a $75 million renewable energy facility offering grants, loans, and guarantees for sustainable development across West Africa.
- A 6,800-kilometer gas pipeline from Nigeria to Morocco will support energy access and potential European exports.
- The initiative targets food security with plans to produce 33 million tons of rice annually through infrastructure investments.
The Economic Community of West African States (ECOWAS) has completed arrangements for a $75 million Renewable Energy and Energy Efficiency Facility aimed at fostering sustainable development throughout the region.
The fund, introduced by ECOWAS President Omar Touray, seeks to offer grants, loans, and guarantees via competitive proposals.
The program emphasizes clean energy initiatives to meet increasing energy needs and promote economic development in the region.
Integrated financing for energy solutions
The center, characterized as a blended finance project, will promote clean energy initiatives throughout West Africa.
It also allocates funds for a 6,800-kilometer gas pipeline linking Nigeria to Morocco, with possible expansion into Europe. The pipeline is anticipated to carry 30 billion cubic feet of natural gas each year.
“This facility will drive clean energy adoption through demand-driven grants, loans, and guarantees,” Touray said.
Agricultural and food security goals
The initiative also targets food security by boosting the production of 33 million tons of milled rice annually.
Achieving this goal will require investments of $15 million to $19 million to enhance storage, milling, and mechanization infrastructure.
Advancing regional integration
ECOWAS highlighted the importance of regional integration projects, including affordable tariffs, harmonized aviation charges, and improved water resource management.
Touray emphasized these efforts as essential for fostering economic resilience and regional connectivity.
The initiative aligns with ECOWAS’s broader mission to promote sustainability and economic development in West Africa.
