EIB pumps EUR 1.14bn for Industrial investment in Nigeria, Egypt …

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NAIROBI, Kenya, February 11, 2019,/ Last year the European Investment Bank EIB provided more than EUR 1.14 billion for private sector investment in Africa.”

Werner Hoyer, President of the European Investment Bank, disclosed this while addressing the African Union summit in Addis Ababa on Monday.

“This included support for industrial investment in Egypt, Morocco, Tunisia and Nigeria, and new financing for business investment through credit lines with local banks in North, West, East and Southern Africa,” he said.

He said that 2018 represented the largest annual support for investment across Africa by the EIB in 54 years of operations on the continent.

“In 2018 the European Investment Bank agreed EUR 3.3 billion (USD 3.74 billion) of new financing for private sector and infrastructure investment in 20 African countries.

“Africa needs good partners. The close cooperation between the European Investment Bank, the EU Bank, and African partners enabled record activity last year with EUR 3.3 billion of EIB new investment that will benefit projects across the continent.

Discussions with African leaders here in Addis today will help to strengthen the impact of the European Investment Bank’s engagement across the continent in the years ahead.

This 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.

Backing private sector investment to enhancing economic opportunities

This included targeted financing to enhance financing available for female entrepreneurs in Ethiopia and backing dedicated lending for climate-related investment.

Improving access to clean energy and accelerating investment in renewables Millions of people living across Africa will benefit from new EIB backed investment in solar power, off-grid renewables and interconnectors to distribute clean energy to unconnected areas.

Last year the EIB agreed to support investment in projects that will generate more than 1,600 MW of clean energy including solar power plants in Morocco, Kenya and Zambia, hydropower in Cameroon, and enabling an estimated 10 million households and small businesses in Ethiopia, Kenya, Nigeria, and Uganda to benefit from off-grid solar power.

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