Investment of 3 Billion Euro in Africa by the Investment Bank

epa05101450 (FILE) A file photo dated 15 December 2008 showing an exterior view of the European Bank of Investment in Luxembourg. The European Investment Bank has put on hold lending to the German carmaker Volkswagen, amid concerns that a previous loan may have played a role in its emissions scandal, the president of the European Union's lending arm Werner Hoyer says 14 January 2016. 'For many, many years we have been active in high-tech research and development with Volkswagen,' Werner Hoyer said in Brussels. 'We were astonished, disappointed and we are now concerned about the allegations, including indications by senior company executives of improper and possibly fraudulent behaviour by Volkswagen.' EPA/NICOLAS BOUVY
by Textile Quotient News Desk
12 Feb 2019

As per Werner Hoyer, President of the European Investment Bank, 2018 represented the largest annual support for investment across Africa by the EIB in 54 years. The close cooperation between the European Investment Bank, the EU Bank, and African partners enabled record activity last year with EUR 3.3 billon of EIB new investment that will benefit projects across the continent. “Looking ahead, the EIB is strengthening its cooperation with African and international partners to support digital transformation and the reduction of the gender digital divide across the continent, as highlighted at the Africa-EU High-Level Forum,” said Hoyer.

Supporting the private sector investment to enhance economic opportunities

Last year the EIB provided more than EUR 1.14 billion for private sector investment in Africa to support for industrial investment in Egypt, Morocco, Tunisia and Nigeria. It provided the new financing for business investment through credit lines with local banks in North, West, East and Southern Africa. This included targeted financing to enhance financing available for female entrepreneurs in Ethiopia and backing dedicated lending for climate related investment.

Propelling investments in clean and renewable energy

EIB backed investment in solar power, off-grid renewable and interconnectors to distribute clean energy to unconnected areas, across Africa. Last year the EIB agreed to support investment in projects to generate more than 1,600 MW of clean energy including solar power plants in Morocco, Kenya and Zambia, hydropower in Cameroon, benefiting the small businesses in Ethiopia, Kenya, Nigeria and Uganda through off-grid solar power. This included support for the pioneering Noor Midelt project in Morocco that combines concentrated solar power and photovoltaic technology in a single project to enable clean solar power to be provided after sunset.

Sustainable development in priority sectors

New investment to enhance supply of clean drinking water in Angola, improve treatment of wastewater in Egypt, manage flooding in Benin, tackle pollution in Tunisia and enable more efficient use of water for irrigation by small holders in Eswatini were also backed by EIB.

In 2018, EIB also supported new investment to tackle land degradation, support forest conservation and improve sustainable fishing and aquaculture across Africa. In immediate future, EIB is also planning significant new financing for projects across Africa including support for sustainable transport, urban development, water infrastructure, microfinance and private sector investment.

Ethiopia News Region

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