The European Investment Bank (EIB) has invested €3 billion across 22 countries in Africa in 2019.
The investment has supported up to €10.7 billion worth of transformational projects.
60% of the financing supported the private sector, created jobs and helped African businesses to grow.
More than €1.8 billion was invested to support private sector investment across Africa of which €500 million went to startups.
The funding supported projects around:
- New sustainable transport, renewable energy, access to clean water and agriculture projects. For instance, the EIB is working with the UN to improve water infrastructure in communities around Lake Victoria. The EIB is providing support to first-time telecommunications coverage to remote rural regions in West Africa and new projects to develop off-grid solar in Mozambique and Malawi.
- Unlocking gender, digital, local currency lending and clean ocean investment.
- Helping vulnerable states to address climate change.
- Cooperation with philanthropic, the UN and development finance partners across Africa.
EIB has plans to increase investments to €4 billion in 2020.
Werner Hoyer, president of EIB, said: “In recent months, the EIB has launched pioneering new initiatives to accelerate new investment essential to enabling women to fully participate in economic activity under the pioneering SheInvest programme, to ensure African innovation companies can expand and to combine our financial understanding with philanthropy to tackle malaria.”
The EIB has financial teams in nine African cities and has provided more than €45 billion for investment across Africa over more than 57 years.
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