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ECOWAS Investment Forum : Boosting the region’s economy

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ECOWAS Investment Forum : Boosting the region’s economy

The first ECOWAS Investment Forum was held in Lomé, Togo, on April 4-5. This major event is part of efforts to promote public-private partnerships as a driver of economic development in the Economic Community of West African States (ECOWAS) region.

Promoting private-public economic partnerships within ECOWAS

In partnership with the governments of Togo and India, through the Indian Exim Bank, this forum aims to highlight the transformative potential of public-private partnerships to stimulate economic growth and improve the livelihoods of communities within ECOWAS.

At a press conference held at the EBID headquarters, the initiative was presented as a strategic response to promote shared prosperity and poverty eradication in the sub-region. The overall theme of the event, « Transforming ECOWAS Communities in a Challenging Environment », underscores the desire to provide a strategic platform for development actors and stakeholders working in the region.

Facilitating and securing investment within ECOWAS

Through this forum, EBID aims to secure investment for major ECOWAS projects. The Lomé-based bank has a clear objective : to fill an investment gap estimated at 12 billion USD per year. All the more so because this missing investment is vital for the economic development of the 15 ECOWAS member states. Not to mention that the EBID has already disbursed nearly 3.69 billion USD to support these countries since the end of 2022.

The aim is to promote investment opportunities in key sectors in ECOWAS member states, with a particular focus on creating shared prosperity and reducing poverty. According to the organizers, the forum will showcase West Africa’s investment potential and economic growth by showcasing a range of private and public sector development projects and programs. It will also facilitate relevant partnerships and investment exchanges, with a particular focus on the infrastructure and agriculture sectors.

EBID President Georges Donkor underlines the importance of this forum in creating partnership opportunities in key areas such as infrastructure and agriculture. He also emphasizes the need to mobilize all stakeholders to promote inclusive and sustainable economic growth in the region.

Economic objectives for ECOWAS

The 2024 discussions focus on strategies to improve the region’s investment climate, create opportunities for inclusive and sustainable economic growth, and build resilience to global change. Togo’s Minister of Economy and Finance, Sani Yaya, expresses his government’s commitment to maximizing the impact of this event for the benefit of the region.

The main objectives of the forum include

  • Raise awareness of the strong investment potential of the ECOWAS region.
  • Facilitate investment partnerships between key economic players.
  • Provide a platform for exchanges on food security, infrastructure development, climate change and job creation.
  • Promote inclusive and sustainable economic growth
  • Enhance human capital and build resilience to global shocks and threats.
  • Connect investors and developers to boost the region’s economic development.

« We reiterate our commitment to significantly accompany this dynamic, notably by sharing our experience and highlighting the strong influence of His Excellency the President of the Republic », added the Togolese official.

Three countries – Burkina Faso, Niger and Mali – recently left the ECOWAS bloc to form the Alliance of Sahel States. Unfortunately, the exit of the 3 countries reduces trade opportunities in the West African region.

Source : https://bidc-ebid.org/eif/

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