Record EUR 3.3 billion EIB engagement across Africa supports private sector, clean energy, transport and water investment

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.

Addressing the African Union summit in Addis Ababa earlier Werner Hoyer, President of the European Investment Bank confirmed that 2018 represented the largest annual support for investment across Africa by the EIB in 54 years of operations on the continent.

“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 billon of EIB new investment that will benefit projects across the continent. Discussions with African leaders here in Addis 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. Looking ahead, as the world’s largest IFI financier of digitalisation 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 Werner Hoyer, President of the European Investment Bank.

Last year the EIB provided more than EUR 1.14 billion for private sector investment in Africa. 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.

The EIB also backed new investment to enhance the 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 smallholders in Eswatini.

In the coming months, the European Investment Bank expected to confirm significant new financing for 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.

Original source: EIB
Published on 11 February 2019