The Commission of the Economic Community of West African States (ECOWAS) in Nigeria has signed an Aide Memoire with the German Development Bank (KfW) and the German Development Agency (GIZ) on behalf of the German Ministry for Economic Cooperation and Development (BMZ) for the establishment of Ten and Five Million EUROs ECOWAS Regional Stabilization Fund respectively.
A statement issued at the weekend by the media section of the ECOWAS Commission made available to BusinessDay at the weekend, noted that during the preliminary meeting with the German delegation on the Fund Concept and Governance Structure, the management team of the ECOWAS Commission led by the Vice President, Finda Koroma prioritized migration-related issues as the thematic focus of the planned Regional Stabilisation Fund for ECOWAS Member States.
The ECOWAS Management emphasized the need to prevent irregular migration as well as the reintegration of citizens of ECOWAS returnees into the regional scheme through activities that promote economic and social opportunities for the youth.
Koroma expressed the ECOWAS Commission’s support for the initiative saying that the emphasis on migration follows a directive by the Authority of ECOWAS Heads of State and Governments to the Commission to prioritize migration in its activities, the statement said.
Consequently, the Management of the ECOWAS Commission recommended that the Fund be channelled towards youth employment and income opportunities, vocational training, Small and Medium Scale Enterprises (SMEs) support, psycho-psychological support, leisure opportunities. Similarly, the Team proposed that one-third of the Fund be dedicated to acute Stabilisation needs in selected Member States, the statement added.
In his remarks, the German team led by Stefan Lindemann of KfW said that the medium and long-term goals of the Fund are to establish a structure at the ECOWAS Commission that will enable it implement measures in ECOWAS Member States in need for stabilization.
The KfW/GIZ joint fact-finding mission to the ECOWAS Commission provides the basis for a detailed design study that will be conducted by the German Joyn-coop Consulting firm in view of GIZ’s proposed offer to BMZ.
The Fund is within the framework of the November 2017 ECOWAS – Germany consultations which agreed to establish a regional technical assistance funding facility for the stabilization and development of ECOWAS Member States to support ECOWAS’ political stabilization efforts through development-oriented measures.
Both parties agreed to work together in launching the fund very shortly, the statement added.
Innocent Odoh, Abuja
