The European Commissioner for International Partnerships, Jutta Urpilainen, along with President Touray, concluded the signing of seven financing agreements totaling €212.5 million in EU support to support crucial areas in the continent.
These agreements are set to focus on various crucial areas, including trade and regional integration, energy interconnectivity, renewable energy, affordable and clean energy, sustainable food systems, food security, and migration.
This signing took place during her visit to Abuja, Nigeria, where she was joined by European Commissioner for Energy, Kadri Simson.
The new financial package for West Africa will be supplemented with additional support in the fields of peace and security, transport, water management, environment, digitalization, health, and education.
These efforts fall under the Global Gateway Africa-Europe Investment Package, as the European Union is committed to mobilizing up to €150 billion in investments for Africa between 2021 and 2027.
It could be learned that this initiative aims to expedite an inclusive, green, and digital transition, fostering regional economic integration, sustainable growth, and the creation of decent job opportunities.
What she said
Commissioner Urpilainen said: “The EU is a long-term supporter of regional integration, which produces prosperity through added value. Currently, ECOWAS operates in a politically challenging context.
- “It has a central role in stabilising West Africa by promoting democracy, rule of law, and economic cooperation. The EU supports its work and regional leadership.
- “Today, I was happy to sign financing agreements worth over €210 million contributing to ECOWAS programmes. Many of these actions align with the objectives of the EU’s positive and sustainable Global Gateway investment strategy.”
ECOWAS President Touray said:
- “This strength of our equal partnership is being reflected today with the signing of 7 new financial agreements covering the areas of trade, migration, energy, and agriculture within the context of the Team Europe Global Strategy and in line with ECOWAS 4×4 Strategic objectives and ECOWAS Vision
Here is a background information on the 7 Financing Agreements:
- Support for Free Movement and Migration (€34 million): Enhancing the development potential of free movement of people and migration within a more secure and rights-based Economic Community of West African Countries, as part of the regional integration process. This involves effectively implementing the ECOWAS Free Movement Protocol and ECOWAS Common Approach on Migration at regional, national, and local levels.
- Boosting Africa’s Trade Competitiveness and Market Access (€50 million): Increasing sustainable intra-African trade and strengthening trade between Africa and the EU by improving market access and export competitiveness for SMEs in selected value chains.
- Advancing Trade in Services in Sub-Saharan Africa (€11.5 million): Promoting the liberalization of services and exports in selected services sectors to foster greater intra-regional, continental, and bilateral trade in services, facilitating integration into regional and global value chains.
- Support Program for Specialized ECOWAS Organizations in the Energy Sector (€25 million): Developing the regional electricity market and operationalizing its interconnected grid while increasing the share of renewable energy in the energy mix. This aims to provide sustainable, affordable, and accessible energy for diverse populations, particularly women and men.
- Regional Clean Cooking Action in West Africa – ReCCAWA (€12 million): Expanding access to clean, efficient, sustainable, and affordable cooking energy solutions in West Africa. This is achieved by strengthening the framework for clean cooking at regional and national levels, introducing innovative financing, promoting scalable business models for clean cooking solutions, and generating evidence-based data and knowledge for governing the West African cooking sector.
- Project Supporting Regional Food Security Storage Strategy in West Africa – PASRSSA (€20 million): Facilitating the integrated and coordinated implementation of ECOWAS’s regional storage strategy and the governance of food and nutrition security in the Sahel Club and West Africa.
- Regional Support Program for the Development of the Pastoral Economy in West Africa and the Sahel (€60 million): Enhancing the livestock sector’s contribution to the transformation of sustainable food systems and promoting inclusive and resilient green growth in the economies of the region.
