In a landmark achievement, the ECOWAS Bank for Investment and Development (EBID) has been recognized as the Financial Institution of the Year – Africa at the 2024 African Sustainability Awards (ASA). The award, presented in partnership with the United Nations Educational, Scientific and Cultural Organization (UNESCO), underscores EBID’s exceptional contribution to sustainable development across Africa. The prestigious ceremony will take place on December 30, 2024, at the Accra International Conference Centre, Ghana.

This accolade celebrates EBID’s unwavering dedication to advancing environmental, social, and economic progress in line with the United Nations Sustainable Development Goals (SDGs). Guided by its 2021-2025 strategy, the Bank has committed over $1 billion to sustainability-driven projects in the ECOWAS sub-region, cementing its role as a leader in green financing and sustainable development.

Milestones in Sustainability

EBID’s sustainability-focused achievements have garnered international recognition, including:

  1. Collaboration with the European Investment Bank (EIB):
    • In 2024, EIB extended a €100 million credit line to EBID for climate-friendly and sustainable projects across West Africa.
  2. Launch of the ESG Finance Framework:
    • In February 2023, EBID formalized its commitment to sustainability by publishing its Environmental, Social, and Governance (ESG) Finance Framework.
  3. “The President’s Round Table” Initiative:
    • In October 2023, EBID hosted a summit themed “Greening West Africa,” bringing together experts to tackle climate change and promote sustainable economic growth in the region.
  4. Issuance of a Green, Social, and Sustainable (GSS) Bond:
    • EBID became the first Development Finance Institution (DFI) to issue a GSS bond on the UEMOA regional financial market (BRVM), which was oversubscribed within 48 hours.
  5. Green Climate Fund (GCF) Accreditation Efforts:
    • EBID is in advanced discussions to finalize accreditation with the Green Climate Fund, enhancing its capacity to support climate-resilient projects in West Africa.

Significance of the African Sustainability Awards

The African Sustainability Awards (ASA), in partnership with UNESCO, recognizes organizations, businesses, NGOs, and government bodies demonstrating a strong commitment to sustainable practices. EBID’s selection highlights the growing importance of development finance institutions in driving Africa’s transition to a greener, more inclusive economy.

Impact on Africa’s Sustainability Agenda

With its strategic focus on sustainability, EBID is positioning itself as a catalyst for change in the ECOWAS region. From green bond issuance to fostering partnerships for climate finance, the Bank’s initiatives are empowering communities and businesses to embrace sustainable practices.

EBID’s Executive Chairman, Dr. George Agyekum Donkor, expressed gratitude for the recognition, stating, “This award affirms our commitment to sustainable development and inspires us to do even more for the communities we serve.”

As Africa confronts the dual challenges of climate change and economic development, EBID’s leadership in green financing and sustainability offers a model for other financial institutions to emulate.

Call-to-Action (CTA)

Discover more about EBID’s green financing initiatives and how the Bank is driving sustainable development in Africa.

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