Germany to aid ECOWAS fund with 19m Euros

Vice President of ECOWAS Commission, Mrs Finda Koroma has said that an additional 19 million Euros is expected into the ECOWAS Stabilisation Fund. The Fund expected this year will be provided by the German government.which would cover post Ebola countries like Guinea and Liberia. The Stabilisation Fund which seeks to address the economic stabilisation of member states, currently stands at 19m euros plus a contribution of 3 million units of account from ECOWAS Commission which has accrued since 2018.

Addressing members of the ECOWAS Parliament at the ongoing 2nd Ordinary Session held virtually, the Vice President of ECOWAS Commission, Mrs. Finda Koroma said the Fund would cover post Ebola countries like Guinea and Liberia. She said the Commission was pushing for a stand alone fund just like The Gambia that has 17 million Euros, for Guinea Bissau, some Northern States in Nigeria and Sahel countries.

Mrs Koroma further explained that the Fund would look at three priority sectors with emphasis on job creation for women and youths and that it would be managed by KSW, a fund management to be established within ECOWAS Commission.

According to her, the fund will consist of several components.

“It will have four components as a private sector promotion and employment window, consisting of short term employment like labor, construction projects, maintenance of basic economic and social infrastructure as well as Medium term employment creation through investment in value chain especially in agriculture.” The first component includes Vocational training, entrepreneurship training and skill development, managed by GIZ while the second and is in the provision of infrastructure.

“The second component is basic service provision and strengthening resilience. We will therefore look at construction or rehabilitation of basic social economic infrastructure such as schools, health care facility, water, sanitation, transport and energy especially solar energy and other types . We will look at investment that enhances resilience such as housing, dam and urban sewage.” The two remaining components, she said are “promotion of social Cohesion and good governance which will look at social dialogue and conflict resolution as well as strengthening local and national implementation capability.