The ECOWAS Bank for Investment and Development (EBID) has been announced as the winner of the Financial Institution of the Year Africa category at the African Sustainability Awards (ASA).

The prestigious honour by the Advisory Board of ASA in partnership with the United Nations Educational, Scientific and Cultural Organisation (UNESCO), recognises EBID’s exceptional commitment to sustainable practices and its role in advancing Africa’s environment.

The award, which will be presented on December 30, 2024, at the Accra International Conference Centre, recognises EBID’s exemplary dedication to advancing social and economic progress in line with the United Nations Sustainable Development Goals (SDGs).

ASA honours individuals, organisations, businesses, non-governmental organisations (NGOs) and government bodies that demonstrate a high commitment to sustainable practices.

EBID, guided by its 2021-2025 strategy, has committed over $1 billion to sustainability-driven projects aimed at improving access to sustainable financial resources across West Africa as well as fostering climate-conscious development in the region.

EBID’s sustainable initiatives have garnered international recognition, including a €100 million credit line from the European Investment Bank (EIB) to support climate-friendly projects in West Africa.

The bank has additionally set a record as the first development finance institution (DFI) to issue a green, social and sustainable (GSS) bond on the Bourse Régionale des Valeurs Mobilières (BRVM), which was oversubscribed within 48 hours.

The bank is also finalising its accreditation with the Green Climate Fund (GCF), an effort that included high-level discussions with GCF representatives to enhance support for sustainability projects in the region.

EBID, in February 2023, published its first Environmental, Social and Governance (ESG) Finance Framework, formalising its commitment to green financing and sustainability initiatives.