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Sat June 19 2021

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EU investment in African projects set to rise to €4bn

25 Feb 20 The European Investment Bank (EIB) has confirmed that it provided €3bn (£2.5bn) of new investment across Africa in 2019 and that the amount is set to reach €4bn this year.

photo from EIB © Damian Patkowski
photo from EIB © Damian Patkowski

Last year’s money supported projects worth a combined €10.7bn. It went to projects in areas such as new sustainable transport, renewable energy and access to clean water.

“Africa is a key priority for the European Union and the European Investment Bank,” said EIB president Werner Hoyer. “The European Investment Bank is committed to working with African partners to accelerate and expand new investment that delivers sustainable development, tackles the climate emergency, creates jobs and improves lives across Africa. The €3 billion of new investment in Africa supported by the EU bank in 2019 builds on 57 years of engagement across 52 African countries.”

The EIB, the European Union’s long-term lending institution, directly supported 58 new investment projects located in 22 African countries. In cooperation with both African and international financial partners it also backed projects in many other countries across the continent through regional financing programmes.

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“The EU bank is continually increasing the impact of investment that supports sustainable development and addressing climate change in Africa,” said Ambrose Fayolle, EIB vice-president responsible for development. “New support confirmed last year is providing thousands of schools and health centres with reliable electricity for the first time, ensuring that African farmers in the Sahel, eastern and southern Africa can access finance, providing clean water for millions of people in the Sahel and Southern Africa, and upgrading sustainable transport in Africa’s largest city and the island state of São Tomé and Príncipe.

“The EIB also agreed new cooperation with experienced African financial institutions that is delivering hundreds of small-scale clean energy, digital, education, health and micro-finance schemes across the continent. By sharing technical, business and banking expertise through training programmes, the EIB is making it possible to strengthen the skills of thousands of African entrepreneurs and financial professionals.”

Looking ahead, the EIB expects to increase engagement in both sub-Saharan and North Africa and to provide €4bn to support public and private investment across the continent in 2020. This will include increased support for infrastructure that drives private sector growth, enabling job creation by entrepreneurs, start-up companies and corporates, and new financing for climate-related investment and sustainable development.

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