Three agreements were reached by the Economic Community of West African States (ECOWAS) Bank for Investment and Development (EBID) on the sidelines of the ECOWAS Investment Forum (EIF 2024), held on April 4th and 5th, 2024 in Lomé, Togo, in the presence of Victoire Tomegah-Dogbé, Prime Minister of Togo, George Agyekum Donkor, President of EBID, and representatives from Exim Bank India. The first agreement (worth $114 million) concerns a healthcare infrastructure project between EBID and the State of Niger, in Northwest Nigeria. The second agreement (worth $80 million) is signed between EBID and the Grand Trains of Senegal, while the third agreement (worth $307 million) is allocated to Guinea for multi-sectoral initiatives.
Organized in partnership with the Togolese government and Exim Bank India, this inaugural edition of the ECOWAS Investment Forum had the theme “Transforming ECOWAS communities in a challenging environment.” Bringing together key development stakeholders, this strategic event aimed to promote investment opportunities in priority sectors of member states. Discussions emphasized the importance of collective action and innovation in addressing major challenges facing the region, including infrastructure development, food security, and combating climate change. In his address, the Prime Minister of Togo advocated for increased investment in areas such as energy, digital technology, and economic infrastructure. He also urged EBID to adapt its strategies to better support both public and private actors in their contribution to the real economy.
On the sidelines of the event, Sediko Douka, ECOWAS Commissioner for Infrastructure and Energy, discussed the creation of a Fund for the Development of Transport and Energy Sectors (Fodete), approved 15 years ago by the region’s heads of state and government. This fund, financed by levies on the region’s main export resources, could mobilize up to $450 million USD annually, according to estimates. Its objective would be to address the annual infrastructure deficit estimated at around $5.2 billion USD in the region, making it a reliable and promising financing mechanism for future regional development.
