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EIB confirms support for € 495M transformational investment in Africa

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Thursday, 20 December 2018

EIB confirms support for € 495M transformational investment in Africa

At the Africa‑Europe High‑Level Forum in Vienna today (18/12/2018) the European Investment Bank formally agreed a total of EUR 495 million of new financing for three projects to support sustainable transport, clean energy and internet access projects in North, West and East Africa. The three projects, signed at the summit attended by heads of state and government from across Africa and Europe, demonstrate the European Investment Bank’s technical and financial support for life-changing investment across the continent. “New investment is crucial to unlock economic opportunities, improve lives and tackle the impact of a changing climate. As the EU Bank, the European Investment Bank is committed to ensuring the sustainable development goals can be achieved in Africa. Sustainable transport, clean energy and communications networks are shared challenges for Europe and Africa. Working together we can improve the lives of millions. The three projects signed today are more evidence of this.” said Dr. Werner Hoyer, President of the European Investment Bank. New European Investment Bank financing announced at the summit will support projects in Egypt, Guinea and East Africa. This includes upgrading Cairo’s main metro line to transform public transport capacity used by 20 million people living in the city. In West Africa the EIB will back completion of a new cross-border interconnector to enable first-time access to electricity by 200,000 people in Guinea and increased use of clean energy in Guinea, Mali, Liberia and Cote d’Ivoire. Whilst in East Africa new support for telecom investment will allow 9 million to benefit from expansion of the fibre optic internet network in five Kenya, Rwanda, Uganda, Zambia and the Democratic Republic of Congo.

Source: eib.org