WorldStage Newsonline– The Economic Community of West African States (ECOWAS) Commission has announced plans to mobilize $80 million over the next five years to support projects for cross-border cooperation.
This coming as the 2022 First Ordinary Session of the ECOWAS Parliament came to a close in Abuja.
This was disclosed in a draft supplementary act relating to the establishment and rules of the community fund to facilitate cross broader cooperation.
The document was presented before the ECOWAS parliament by the ECOWAS Commission prior to its adoption by the Council of Minister and ECOWAS Authority of Heads of State and Government.
The objective of the fund is to support the implementation of cross boarder cooperation projects between local actors and states in order to accelerate regional integration from the grassroots in the ECOWAS region.
With regard to the fund’s resources, the ECOWAS Commission informed that 30% of the 8million UA needed to finance the fund will come from the community levy, while the remaining 70% will be sourced from technical and financial partners.
The commission further indicated that 80% of the funds resources will be directly allocated to the financing of cross boarder projects; the remaining 20% will be allocated to operations and administrative management, adding that projects financed in part or full from the funds will be monitored and evaluated in accordance with the provisions of the funds management procedures manual.
First Deputy Speaker of the Parliament Ahmed Idris, who closed the session on behalf of the Speaker of the Parliament Rt. Hon. Sidie Tunis, was pleased with the work done by members of Parliament, especially in the technical discussions leading to the conclusion of Parliament’s Advisory Opinion on the referrals made by the ECOWAS commission, covering a variety of subjects.
He said, “As members of parliament, our major responsibility is to represent the people and work towards the transformation of our community into a self-sufficient, sustainable, prosperous, and peaceful sub-region.
“We need to take back control of our lives and the future of our region. Consequently, Community Institutions, as vehicles of the integration process, must be made to function efficiently towards fulfilling their respective mandates to the people”, he said.