By Boris Ngounou
The European Investment Bank (EIB) wants to boost its support for Africa. For the financial year 2020, the financial institution will provide EUR 4 billion in new financing to support public and private investment across the continent. The projects targeted by this funding are those focusing on climate change adaptation.
The European Investment Bank (EIB) management remains sensitive to the devastating consequences of climate change in Africa. They plan to provide €4 billion to support public and private investment in sustainable development projects. The long-term financing, which covers both sub-Saharan and North Africa, consists of increased support for infrastructure that promotes the growth of the private sector, thus enabling job creation by small businesses, start-ups and large companies, and making new financing available for climate and sustainable development investments.
Africa, a key priority for the EU and the EIB
To make climate finance in Africa more flexible, the EIB is forging partnerships with private companies, banks and micro-credit institutions. The benefit: the removal of costs associated with local currency financing that hamper investment. It is by implementing this strategy that in 2019, the Bank provided EUR 3 billion of new financing in Africa.
“This has brought off-grid solar energy to Mozambique and Malawi, better protected coastal roads in the island state of Sao Tome and Principe and ensured the supply of drinking water to 2.2 million people in the Malagasy capital Antananarivo following recent typhoons,” said EIB President Werner Hoyer. Read more…