The European Investment Bank had agreed to USD 3.74 Bn of new financing for the private sector and infrastructure investment in 20 African countries in 2018 according to a latest report.
The bank released a press statement during the African Union summit on Monday revealing that over USD 12.90 Bn was invested in Africa’s private sector which included support for industrial investment. It also aided in providing new financing for business investment through credit lines with local banks in North, West, East, and southern Africa.
The funding notably targeted female entrepreneurs in Ethiopia, investment projects aimed at generating clean energy as well as backing-dedicated lending for climate-related investment.
While addressing the African Union Summit in Addis Ababa on Monday, the European Investment Bank (EIB) President Werner Hoyer was emphatic that dialogue with African leaders will help bolster the bank’s investment impact in future.
He reiterated that the negotiation with African leaders will ensure that Africa benefits from the European Investment Bank’s unique technical, environmental and financial expertise to achieve shared goals and tackle global challenges.
“Africa needs good partners. The close cooperation between the European Investment Bank, the EU Bank, and African partners enabled record activity last year with USD 3.74 Bn of EIB new investment that will benefit projects across the continent,” Werner said.
The EIB president was keen to point out that EIB is strengthening its cooperation with African and international partners in a bid to support digital transformation and curtail gender digital divide cases across the continent.
Later in 2019, the European Investment Bank is expected to confirm new financing projects across Africa including support for sustainable transport, urban development, water infrastructure, microfinance and private sector investment.
The European Investment Bank has agreed more than EUR 48 billion of investment across Africa since 1965 with the latest engagement being the largest one since it began its operations in the continent 54 years ago.
The European Investment Bank (EIB) is a non-profit European based lending institution that makes guarantees, loans and assists venture capital for business projects expected to further EU policy objectives.
Featured Image Courtesy: Politico.eu
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