ECOWAS Expecting Additional €19m For Stabilization Fund

By Kemi Yesufu  
 
Vice President of ECOWAS Commission, Mrs. Finda Koroma, has said the German government will support the commission with €19 million Euros for its Stabilization Fund.
 
The donation  by the German government will help Ebola affected countries like Guinea and Liberia.
 
The Stabilization Fund which seeks to address the economic stabilization 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 standalone 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.
 
She said:  “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 added 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.

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