The ECOWAS Bank for Investment and Development has published its inaugural Environmental, Social, and Governance Financing Framework, signaling its commitment to sustainable development and green financing of key projects in priority sectors.
A statement by the commission says the Framework which has received a positive assessment will play a crucial role in linking the Banks resource mobilization strategy with its objectives of promoting resilient, inclusive, and sustainable growth in its member states.
It explains that the Framework will allow the Bank to structure and execute Environmental, Social and Governance-related funding transactions that support the deployment of capital outlined in the Strategic Plan of 2021-2025.
The Financing Framework includes four green project categories and seven social project categories, all of which have been assessed as generating a positive contribution to sustainability.
ECOWAS Bank for Investment and Development is a leading regional investment and development bank, owned by the 15 ECOWAS Member States, based in Lomé, Togolese Republic, committed to financing developmental projects and programmes covering diverse initiatives from infrastructure and basic amenities.
The ECOWAS Bank intervenes through long, medium, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations and related services.
Writing by Hamza Alkali, editing by Daniel Adejo