ECOWAS Stabilisation Fund to Get €19m German Support

The Economic Community of West African States (ECOWAS) stabilization fund will be getting an additional €19 million, it was learnt.

The additional fund is coming from the government of Germany.

This is as the ECOWAS Commission also assured its members of access to COVID-19 vaccines.

The commission made the disclosure at the ongoing 2nd Ordinary Session of ECOWAS Parliament.

Speaking at the virtually held session, the Vice President of ECOWAS Commission, Mrs. Finda Koroma said an additional 19 million Euros is expected into the ECOWAS Stabilization Fund this year by the German government.

The Fund, according to her, which seeks to address the economic stabilization of member states, currently stands at 19 euros plus a contribution of 3 million units of account from ECOWAS Commission which has accrued since 2018.

Mrs. 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 an emphasis on job creation for women and youths and that it would be managed by fund management to be established within the 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 Mediumterm 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 a basic service provision and strengthening resilience. We will therefore look at construction or rehabilitation of basic social-economic infrastructures such as schools, health care facility, water, sanitation, transport and energy especially solar energy and other types”.

“We will look at the investment that enhances resilience such as housing, dam and urban sewage.”

The two remaining components, according to Mrs. Koroma are the 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.