Get Guardian on GoogleThe Economic Community of West African States (ECOWAS) Commission and the ECOWAS Bank for Investment and Development (EBID) are working towards deeper cooperation on regional development financing, including support for young entrepreneurs and a pipeline of investment projects expected to be developed by 2027.
The discussions, held at EBID’s headquarters in Lomé, Togo, focused on practical ways to strengthen collaboration between the two institutions and improve the delivery of development initiatives across the region.
Vice-President of the ECOWAS Commission, Anthony Oluwatosin Ogunjimi, who led the Commission’s delegation to the meeting on November 2, presented the Commission’s priorities under ECOWAS Vision 2050 and proposed cooperation in three areas: a regional fund supported by contributions from Community institutions, the Human Capital Development Programme and the Community Development Programme.
A major focus was the Human Capital Development Catalytic Investment Fund, a revolving financing mechanism designed to support young people and women with business ideas.
The pilot phase in Togo has been funded and is expected to commence, while the proposed pilots in Guinea-Bissau and Sierra Leone are still seeking additional resources, according to the ECOWAS Commission.
The two institutions also discussed plans to develop a regional investment pipeline under the Community Development Programme, with the aim of identifying and preparing development projects by 2027.
The discussions included the role of the ECOWAS Community Levy in reducing the region’s dependence on external funding at a time when development assistance is becoming more constrained.
EBID’s leadership expressed readiness to mobilise its technical and resource mobilisation teams to support the proposed areas of cooperation.
Both sides agreed to move beyond high-level discussions to technical work on the modalities, responsibilities and timelines for implementing the proposed areas of collaboration. The process is expected to follow a formal cooperation letter from the Commission.
The meeting did not announce a funding figure, a timetable for the proposed regional fund or specific projects to be financed under the new investment pipeline.
