ECOWAS seeks financing for transport, energy sectors in West Africa

The Fund for Development and Financing of the ECOWAS Transport and Energy Sectors (ECOWAS-FODETE) has launched a feasibility study towards improving infrastructure of transport and energy projects through financing in the region.

The study will cover investment needs in the ECOWAS transport and energy sectors within 20 years as agreed under the terms of reference with eligibility criteria for projects to be funded after the area of needs have been identified, the regional bloc said in a statement March 21, 2012.

A consortium, including the ECOWAS Bank for Investment and Development (EBID) and consultants has therefore been urged to establish a framework for an effective feasibility study.

ECOWAS said the study will also include a data collation exercise with the ECOWAS Commission expected to request National Units of Member States to assist the consultants in obtaining information from the relevant regional institutions.

The consortium is also required to analyze the legal, tax and institutional framework of ECOWAS-FODETE, the statement noted adding “the consultants were further enjoined not to limit the study to funding in the agriculture, mining and hydrocarbon (oil and gas) sectors, but to also consider other sources of funds including involvement of the private sector and donors”.

The ECOWAS-FODETE was formed following a decision by the Authority of Heads of State and Governments at its 37th Ordinary Summit in Abuja in June 2009, in collaboration with the African Development Bank (AfDB), EBID and the Project Preparation and Development Unit (PPDU).

By Ekow Quandzie