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Friday, 27 March 2015

The EIB in Africa: How the Juncker plan might work

The European Investment Bank (EIB) is active co-ordinating projects and credit lines worth almost €2.5 billion in East Africa. Since the 1960s, the EIB - jointly owned and financed by the EU’s 28 countries - has been active in East Africa and has had a bureau in the Kenyan capital Nairobi since 2005. In keeping with the Cotonou agreement, the EIB activities support private sector and fund infrastructure projects that help develop business. Recently, the EIB paired up with the region’s trade and development bank, PTA and launched a €160 million investment facility, its largest business lending programme for businesses in East Africa so far targeting agribusinesses, energy, manufacturing and service sectors. The EIB plans to open offices in Cameroon within the next year. Such projects represent a relatively cheap form of development financing and offer a viable alternative to replace development aid with loans.

Source: euobserver.com