The ECOWAS Bank for Investment and Development (EBID) has published its inaugural Environmental, Social, and Governance (ESG) Financing Framework, signaling its commitment to sustainable development and green financing of key projects in priority sectors.
EBID, in a statement said the Framework, which has received a positive assessment from ISS Corporate Solutions, would play a crucial role in linking EBID’s resource mobilization strategy with its objectives of promoting resilient, inclusive, and sustainable growth in its member states.
Dr George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, expressed his excitement with the assessment from ISS ESG Solutions.
“We are thrilled to launch our ESG Financing Framework and receive this positive assessment from ISS ESG Solutions. EBID is committed to leading the charge for green financing in the ECOWAS region and fostering the emergence of an economically strong, industrialized, and prosperous West Africa. This Framework will allow us to structure and execute ESG-related funding transactions that support the deployment of capital outlined in our Strategic Plan 2021-2025.”
Dr George Agyekum Donkor
Dr George Agyekum Donkor noted that EBID’s ESG Financing Framework included four green project categories and seven social project categories, all of which had been assessed as generating a positive contribution to sustainability, with no project categories assessed as having “no net impact” or having a lower assessment.
ISS Second-Party Opinion
The EBID statement intimated that the ISS Second-Party Opinion, published alongside the Framework, highlighted the Bank’s commitment to the Sustainability and Development Goals (SDGs) and its objectives of promoting economic integration, healthcare delivery, social protection, and climate resilience. It noted that the publication of the ISS Second-Party Opinion demonstrated EBID’s commitment to sustainable development and provided greater transparency on the actions it is taking to foster sustainable growth in its member states.
With its balance sheet size set to increase by 80 per cent over the next five years, EBID is well-positioned to make a positive impact on the ECOWAS region and become the leading regional investment and development bank in West Africa. “We are proud to play a role in supporting EBID’s ESG initiatives and the positive impact they will have on the ECOWAS region,” said ISS Corporate Solutions.
ISS Corporate Solutions added saying, “This Framework is a testament to EBID’s commitment to sustainable development and demonstrates their position as a leader in green financing in the region”.
Meanwhile, EBID was advised by Rothschild and Co on the structuring of the Sustainable Finance Framework and on the Second Party Opinion review process.
EBID is a leading regional investment and development bank, owned by the 15 ECOWAS Member States, namely, Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.
Based in Lomé, Togolese Republic, the Bank is committed to financing developmental projects and programmes, covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and social services sectors, through its private and public sector windows.
EBID intervenes through long, medium, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations and related services.
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