The Economic Community of West African States (ECOWAS) has announced the establishment of a $75 million Renewable Energy and Energy Efficiency Facility aimed at advancing clean energy solutions and fostering sustainable development across the region.
Announcement Details
Revealed by ECOWAS President Dr. Omar Touray on December 12, the facility will operate through a blended finance structure, providing grants, loans, and guarantees via competitive calls for proposals. This initiative is designed to support renewable energy projects and energy efficiency measures, tackling critical energy challenges in West Africa.
Dr. Touray stated, “This new blended finance facility, with an initial funding of $75 million, aims to deliver clean energy solutions for the ECOWAS region through competitive, demand-driven calls for proposals.”
Key Components
A major component of the initiative is financing the 6,800-kilometer Nigeria-Morocco Gas Pipeline, which will transport 30 billion cubic feet of natural gas annually. This pipeline is envisioned as a cornerstone of regional energy infrastructure, with potential expansion to European markets.
The facility will also enhance food security efforts, targeting an increase in rice production. Investments between $15 million and $19 million are planned to improve storage, milling, and mechanization, aiming for a production goal of 33 million tons of milled rice.
In addition to energy and agriculture, Dr. Touray emphasized the importance of regional integration projects. These include implementing harmonized aviation charges, introducing affordable tariffs, and improving the management of shared water resources and infrastructure.
Conclusion
The Renewable Energy and Energy Efficiency Facility reflects ECOWAS’s commitment to addressing regional challenges through strategic investments in sustainable energy, food security, and connectivity. By advancing these priorities, the organization aims to foster economic growth and resilience across its member states.
Sources
- ECOWAS Official Announcement
- Nigeria-Morocco Gas Pipeline Project Overview
- West African Agriculture and Food Security Reports
