The ECOWAS Bank for Investment and Development (EBID) has been declared the winner of the Financial Institution of the Year-Africa category at the Africa Sustainability Awards.
The landmark achievement was awarded to EBID by the Advisory Board of the African Sustainability Awards in partnership with the United Nations Educational, Scientific and Cultural Organisation (UNESCO).
A statement issued by EBID, copied to the Ghana News Agency said the award would be presented during an event slated for 30th December 2024, at the Accra International Conference, Accra, Ghana.
It said this award recognises EBID’s outstanding dedication to sustainable practices across Africa and its commitment in advancing Africa’s environmental, social and economic progress in line with the UN Sustainable Development Goals (SDGs).
The statement said in line with its mission of improving access to sustainable financial resources in West Africa, the Bank had up to-date committed over one billion dollars to sustainability-driven projects guided by its Strategy for 2021-25.
It said the Bank’s attention to sustainable initiatives had gained international recognition such that the European Investment Bank (EIB), recently extended a line of credit in the amount of EUR 100 million to support climate-friendly and sustainable projects in the ECOWAS sub-region.
In February 2023, the EBID published its first Environmental, Social and Governance (ESG) Finance Framework, formalising its commitment to green financing and sustainability initiatives.
This was followed by the maiden edition of the Bank’s informative series dubbed “The President’s Round Table” on the theme “Greening West Africa” in October 2023.
The statement said the programme, which gathered environmental and sustainability experts from across the continent, focused on the effects of climate change in West Africa and made proposals for climate-conscious economic development.
It said additionally, EBID recently made history as the first Development Finance Institution (DFI) to issue a Green, Social and Sustainable (GSS) Bond on the UEMOA regional financial market, the Bourse Régionale des Valeurs Mobilières (BRVM) which was oversubscribed within a space of 48 hours.
It said the Bank was also in the process of finalising its accreditation to the Green Climate Fund (GCF) and in that regard, recently received a high-level delegation from GCF, South Korea, for discussions on measures aimed at positioning the Bank to better support the sub-region in this area.
The statement said the African Sustainability Awards (ASA) was a platform that honours individuals, organisations, businesses, NGOs and government bodies that demonstrate a high commitment to sustainable practices.
EBID is the development finance institution of the Economic Community of West African States (ECOWAS) comprising 15 Member States namely, Ghana, Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.
Based in Lomé, Togo, the Bank is committed to financing developmental projects and programmes covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and social services sectors, through its private and public sector windows.
EBID intervenes through long, medium, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations, and related services.
Source: GNA
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