The ECOWAS Bank for Investment and Development (EBID) has published its inaugural Environmental, Social, and Governance (ESG) Financing Framework, signalling its commitment to sustainable development and green financing of key projects in priority sectors.
The Framework, which has received a positive assessment from ISS Corporate Solutions, will 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.
“We are thrilled to launch our ESG Financing Framework and receive this positive assessment from ISS ESG Solutions,” said Dr George Agyekum Donkor, President and Chairman of the Board of Directors of EBID.
“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.”
EBID’s ESG 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, with no project categories assessed as having “no net impact” or having a lower assessment.
The ISS Second-Party Opinion, published alongside the Framework, highlights 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.
The publication of the ISS Second-Party Opinion demonstrates EBID’s commitment to sustainable development and provides 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% 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. “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.”
EBID was advised by Rothschild & Co on the structuring of the Sustainable Finance Framework and on the Second Party Opinion review process.