Abuja, 8^th August, 2018. The Commission of the Economic Community of West African States (ECOWAS) in Abuja, Nigeria on Wednesday, 8^th May 2018 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.

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, Madam Finda Koroma prioritized migration-related issues as the thematic focus of the planned Regional Stabilization 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.

Madam Koroma expressed the ECOWAS Commission’s support for the initiative saying that the emphasis on migration follows a directive by the Authority of ECOWAS HOSG to the Commission to prioritize migration in its activities.

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 to migration-related stabilization be dedicated to acute Stabilization needs in selected Member States.

In his remarks, the German team led by Dr. 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.