By Abbas Nazil
The Economic Community of West African States (ECOWAS) has launched a $75 million Renewable Energy and Energy Efficiency Facility to enhance clean energy adoption, boost food security, and promote regional integration.
Announced by ECOWAS President, Dr. Omar Touray, recently, the facility is a strategic initiative to address critical energy and development challenges across the region, leveraging a blended finance model that includes grants, loans, and guarantees.
Dr. Touray explained that the facility would operate through competitive, demand-driven calls for proposals, ensuring transparency and innovation in delivering clean energy solutions.
This initiative is poised to accelerate the implementation of renewable energy projects and energy efficiency measures, promoting sustainable development and economic resilience in West Africa.
A key feature of the facility is its contribution to financing the 6,800-kilometer Nigeria-Morocco Gas Pipeline, a monumental infrastructure project designed to transport 30 billion cubic feet of natural gas annually.
Envisioned as a cornerstone of regional energy development, the pipeline has the potential to extend its impact beyond Africa, facilitating natural gas exports to European markets.
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In addition to addressing energy challenges, the facility aims to bolster food security by supporting investments in agricultural production.
ECOWAS plans to allocate between $15 million and $19 million toward improving rice storage, milling, and mechanization.
These efforts are expected to raise milled rice production to 33 million tons, strengthening food availability and reducing dependence on imports.
Dr. Touray also highlighted the broader regional integration benefits of the initiative, which include implementing harmonized aviation charges, introducing affordable tariffs, and advancing shared water resource management.
These measures aim to improve connectivity, reduce operational costs, and foster economic cooperation among ECOWAS member states.
The Renewable Energy and Energy Efficiency Facility underscores ECOWAS’s commitment to sustainable growth and integration through targeted investments in energy, agriculture, and infrastructure.
By addressing these pressing priorities, the initiative seeks to unlock the region’s economic potential and improve the quality of life for its citizens. END
Source: Solarquarter
