Experts from member states of the Economic Community of West African States (ECOWAS) are meeting from August 29 to 30, 2024, in Lome, Togo, to update the study for the establishment of the ECOWAS Fund for the Development and Financing of the Transport and Energy Sectors (FODETE). The consultative meeting is organized by the ECOWAS Project Preparation and Development Unit (PPDU). The meeting, which saw the virtual participation of ECOWAS Commissioner Sediko Douka in charge of Infrastructure, Energy and Digitization, was launched by the Representative of the Minister of Economy and Finance of the Togolese Republic.
The purpose of the consultative meeting is to examine the corrected final report on the implementation of FODETE, following recommendations made by experts at a technical meeting held from March 6 to 8, 2024, in Abidjan. It could be recalled that the Abidjan meeting, attended by representatives of ECOWAS National Offices and Ministries of Finance/Planning from each member state, focused on setting up FODETE's timetable and sector-specific levy rates.
At the opening of the meeting, Commissioner Sediko Douka, on behalf of H.E. Omar Alieu Touray, President of the ECOWAS Commission, thanked Togo's government and its Head of State for hosting this regional consultative meeting and their support for integration and development in ECOWAS.
According to Commissioner Douka, "the project to create FODETE bears witness to ECOWAS’s strong commitment to mobilizing internal financial resources to finance infrastructure," emphasizing its role as a basis for development and a factor in stability, job creation, and peace.
“To this end,” he added, “the ECOWAS Commission undertook four advocacy missions to Ghana, Senegal, Nigeria and Côte d’Ivoire. The aim was to raise awareness about FODETE’s advantages in sustainable infrastructure financing while addressing various countries' concerns. I am pleased to inform you that these missions were well received by member states who reaffirmed their support.”
In his official opening address delivered on behalf of H.E. Essowè Georges Barcola, new Minister of Finance and Economy for Togo; Mr. Ahodo-Abalo Tchamdja reiterated Togo's commitment: “Togo is also convinced of FODETE’s potential to provide a sustainable financing mechanism reinforcing collective economic growth within the region.”
At the end of this two-day meeting, experts will finalize a clear roadmap for adoption by ECOWAS Statutory Bodies regarding implementing FODETE.
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