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EIB: €92 million support for East African entrepreneurs in 2016

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Friday, 13 January 2017

EIB: €92 million support for East African entrepreneurs in 2016

Speaking to media in Nairobi earlier today senior representatives of the European Investment Bank, confirmed lending to support investment by companies across East Africa totalling EUR 92 million (KES 10 billion) in 2016. The European Investment Bank is Europe’s long-term lending institution, owned directly by the 28 European Union member states and the world’s largest international public bank. Catherine Collin, Regional Representative of the European Investment Bank in East Africa and Robert Schofield, responsible for European Investment Bank lending for small and medium sized companies throughout East Africa and elsewhere on the continent, highlighted the crucial role of entrepreneurs to create jobs, improve lives and ensure sustainable long-term economic growth. They confirmed that 49% of EIB backed lending in Africa last year supported private sector investment by small and medium sized businesses. They emphasised the EIB’s close cooperation with banks across the region, business associations, regulators and government departments to ensure the maximum impact and benefit to the real economy via the EIB’s credit lines. During 2016 the European Investment Bank signed new lending programmes totalling EUR 92 million with partner banks and financial institutions across East Africa.

Source: EIB