The United States Agency for International Development (USAID) has committed $1 billion to the Economic Community of West African States (ECOWAS) to enhance their partnership and stimulate economic growth in West Africa.
USAID announced the substantial funding on the ECOWAS official website on Tuesday, May 21, 2024. The initiative aims to support the region’s economic development over the next five years.
In a meeting held in Abuja, ECOWAS Vice-President Mrs. Damtien L. Tchintchibidja and USAID’s Regional Director for West Africa, Mrs. Jo Lesser Oltheten, discussed the finalization of a new cooperative agreement between their organisations.
Oltheten emphasized that the financial aid would target specific regional needs. “The next five-year cooperative agreement, with an estimated budget of $1 billion, will address various thematic areas focusing on ECOWAS and its Member States to enhance economic development and resilience against multiple economic, security, and climate challenges.”
She also highlighted the critical role of ECOWAS in promoting economic integration through initiatives in industry, transport, telecommunications, energy, agriculture, natural resource management, trade, monetary and financial issues, and social and cultural matters.
