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EU, ECOWAS sign over €210m financing agreements

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EU, ECOWAS sign over €210m financing agreements

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European Union and the Economic Community of West African States, on Thursday, signed seven financing agreements worth €212.5 million to stabilise the region and drive ECOWAS development.

The signing took place at the ECOWAS Commission in Abuja.

The agreements cover trade, regional integration, energy interconnectivity, renewable energy, affordable and clean food systems, food security, migration and energy sustainability.

They reaffirmed strong ties and deepening partnership between the EU and ECOWAS towards West Africa’s peace, regional integration and prosperity.

European Commissioner for International Partnerships, Jutta Urpilainen, said the agreements align with the objectives of the EU’s positive and sustainable Global Gateway investment strategy.

He added that the EU supports ECOWAS regional leadership.

Urpilainen said, “The EU is a long-term supporter of regional integration, which produces 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.”

President ECOWAS Commission, Omar Touray, on his part, said, “The strength of our equal partnership is being reflected today with the signing of seven 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 2050.

“We appreciate the EU’s continued strategic partnership with ECOWAS in providing support to addressing regional challenges in the areas of peace and security as well as on institutional capacity development.”

Some of the signed agreements include; support for the free movement of persons and migration (€34million); Africa trade competitiveness and market access (€50 million); trade in services in sub-Saharan Africa (€11.5million); regional clean cooking action in West Africa (€12million) among others.