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Tuesday, 19 January 2016

EIB backs KSh 12 billion of new private sector investment across East Africa

The European Investment Bank [in December] agreed to provide EUR 110 (KSh 12 billion) million for investment by companies across East Africa under a three new partnerships launched in Nairobi earlier today. This is the largest ever support for investment by entrepreneurs and small business ever announced in East Africa by the EIB. European Investment Bank Vice President Pim van Ballekom formally signed the three credit lined during a visit to Kenya to mark the 10 year anniversary of local operations of the world’s largest international public bank and to highlight an expected increase in support for climate related projects in the region. Under the new initiative the European Investment Bank, will back investment by micro, small and medium enterprises under three dedicated credit lines with the African Banking Corporation, NIC Bank and CRDB Bank that reflect different investment needs. The new programme will support job creation and economic growth in Kenya, Tanzania, Uganda and Burundi by providing long-term local and foreign currency loans and support investment across a range of sectors, including agriculture. “Investment by small companies and entrepreneurs is essential for economic growth and to create jobs. The European Investment Bank is pleased to strengthen our support to ensure that East African companies can unlock new business opportunities and build on previous successful engagement with leading local banks. Since the EIB’s regional office for East and Central Africa opened 10 years ago professionalism and enthusiasm of the Nairobi based team has strengthened our support for entrepreneurs and small business across the region.” said Pim van Ballekom, European Investment Bank Vice President.

Source: European Investment Bank