ECOWAS Plans Investment Fund for Infrastructure

The Economic Community of West African States (ECOWAS) plans to establish a Development and Financing Fund for the transport and energy sectors (FODETE) by the end of the year.

This subject was discussed at the first ECOWAS Investment Forum (EIF) held on Thursday, April 4, 2024 in Lomé.

According to Sédiko Douka, commissioner of infrastructure within the sub-regional institution, FODETE will be funded by a tax on products exported by member countries, including agricultural and mining exports, as well as those from the oil and gas sector, following the increase in reserve discoveries.

Simulations have revealed a mobilization capacity potentially reaching $450 million US dollars per year.

Ultimately, this fund is expected to be dedicated to improving infrastructure in the transport and energy sectors, deemed crucial for economic growth and regional integration.

Its management will be entrusted to the ECOWAS Bank for Investment and Development (EBID), based in Lomé, which has already committed $4 billion this year, allocating 50% of its financing to integration infrastructure projects.

Kehinde Olusegun

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