An AfDB delegation exchanges with the President of the ECOWAS Commission on the SIIB initiative during a mid-term review session
Abuja, 7th September 2023 - Today, a delegation from the African Development Bank (AfDB) engaged in an online session with the President of the ECOWAS Commission and officials from the Department of Political Affairs, Peace, and Security. The purpose of the meeting was to discuss on the AfDB's Security Indexed-Investment Bounds (SIIBs) initiative within the context of the mid-term review on the Regional Integration Strategy Paper.
The SIIBs initiative, a proactive approach introduced by the AfDB, aims to enhance security and stability in the ECOWAS region through innovative financing mechanisms. By linking financial instruments with certain security indicators, SIIBs facilitate investment in projects that directly contribute to the improvement of security conditions, thus fostering regional integration.
During the session, the AfDB delegation shared insights on the progress made in implementing the SIIBs initiative and its impact on regional development. The presentation highlighted successful case studies and examples of projects financed through SIIBs, emphasizing their contribution to both economic growth and improved security conditions.
The President of the ECOWAS Commission, and the Department of Political Affairs , Peace, and Security, expressed their appreciation for the AfDB's efforts in addressing security challenges in the region. They acknowledged the significance of the SIIBs initiative in promoting peace and stability, and its alignment with the goals of the Regional Integration Strategy Paper.
Both parties engaged in a productive exchange of ideas, discussing potential areas for collaboration and further opportunities to leverage the SIIBs initiative. They emphasized the importance of continued partnership and coordination between the AfDB and ECOWAS in driving progress towards regional integration and sustainable development.
The session concluded with a commitment from all stakeholders to continue working together to advance the SIIBs initiative and strengthen regional security. The AfDB delegation expressed their gratitude to the President of the ECOWAS Commission and the Department of Political Affairs, Peace, and Security for their active engagement and support.
For more information on the SIIBs initiative and the AfDB's work in promoting regional integration, please visit www.afdb.org.