The Economic Community of West African States (ECOWAS) has finalised the framework for the establishment of of a $75million ECOWAS Renewable Energy and Energy Efficiency Facility.

Besides, ECOWAS said it would need about $19 billion investment towards improving storage facilities, milling initiatives and enhancing mechanization in paddy production.

The President, ECOWAS Commission, DR ALIEU OMAR TOUARY made the disclosure Today at the opening of the 93rd Ordinary Session of the ECOWAS Council of Ministers holding in Abuja.

Touray also commended the ongoing work on the Nigeria-Morocco gas pipeline project, as part of some of the integrated project for the community. 

He also listed other integrated programmes aimed at integrating the region including the 6,800km Nigeria-Morocco gas pipeline projects, regulation on Roaming, direct flight, water amongst others. 

On the issue of security, Touray said: “While we work hard on our economic integration agenda, we will continue to pay attention to the issues of security and political stability of our community. Terrorism, violent extremism and organised crime continue to hinder our efforts towards security. The ill effects of drug abuse and drug trafficking in our region are also of great concern. These challenges are far above the capacity of any single member state of the Community to ovoverco”

He said: “A Framework Document for the Establishment of an ECOWAS Renewable Energy and Energy Efficiency Facility has been finalised by the Ministers. This is a new blended finance facility with an initial amount of USD75 million, whose objective is to provide grants, loans and guarantees through regular demand-driven competitive calls for proposals providing clean energy solutions for the ECOWAS region.  

THE NATION