Dr. George Donkor, President of the ECOWAS Bank for Investment and Development (EBID), has made a powerful case for increasing climate financing across Africa to fuel sustainable development and economic transformation.
Mobilising Africa's Vast Financial Resources
Speaking at the 2025 Africa Financial Summit (AFIS) in Casablanca, Morocco, Dr. Donkor revealed that the continent possesses substantial resources to fund climate-smart initiatives. He highlighted that African pension funds alone hold more than $160 billion, with West Africa accounting for $40 billion of this total.
The EBID leader delivered his address during a session titled "Climate and Bond Markets: How to Build Africa's Sustainable Finance Arsenal," emphasizing that the continent already has the financial capacity but needs strategic direction.
Creating the Right Environment for Green Investment
Dr. Donkor identified two critical factors needed to unlock Africa's climate finance potential: attractive project returns and political will. He called on African governments and financial institutions to implement measures that reduce investment risks in climate projects.
"African governments and institutions must take active steps toward de-risking climate projects and establishing enabling regulatory frameworks," Donkor stated. He stressed that such mechanisms would facilitate the mobilization of climate-sensitive financing, ultimately fostering sustainable growth and development across the continent.
Development Banks Leading the Green Revolution
The EBID President pointed to Development Finance Institutions (DFIs) as crucial catalysts for green financing. He noted that these institutions possess unique advantages in supporting governments to achieve their environmental investment goals.
Highlighting EBID's pioneering role, Donkor revealed that the bank made history as the first DFI to issue a Green, Social and Sustainable (GSS) bond on the WAEMU Market in July 2024. This landmark initiative is specifically designed to support projects with environmental and social benefits.
The Africa Financial Summit serves as a premier annual platform that brings together financial institutions, private sector leaders, policymakers, and development partners to advance dialogue and action for Africa's industrial and financial transformation.
