Browsing: EUropean Investment Bank

• Growth attributed to increase in Foreign Direct Investment (FDI), which increased by 11.6 per cent from $8.2 billion at the end of 2020, to $9.2 billion.
• The stock of Other Investment (OI) liabilities increased from $4.9 billion in 2020 to $6.2 billion in 2022. Similarly, Portfolio Investment (PI) rose from $253.4 million to $266.4 million in 2022.
• The OI liabilities accounted for 39.2 per cent of total foreign liabilities in 2022, and were mainly in the form of loans, and currency and deposits.

Kenya’s foreign liabilities

Europe and Africa account for the biggest share of Kenya’s foreign liabilities mainly Foreign Direct Investments (FDIs), an official government report shows, as the country continues to retain its East Africa’s economic power status.

This comes on the back of an increase in the stock of Kenya’s foreign liabilities, which went up by 17.9 per cent from $13.4 billion at the end …

• The acquisition by Shorecap III, LP of 20 percent shareholding in Credit Bank has been approved by Central Bank of Kenya.
• Credit Bank was licensed by CBK as a non-banking financial institution in 1986 under the name Credit Kenya Limited. It converted to a fully-fledged commercial bank in 1995.
• Credit Bank specializes in provision of banking services to small corporates and Micro, Small and Medium-sized Enterprises (MSMEs). It has a market share of 0.5 percent as at March this year.

Mauritian private equity fund Shorecap III, LP has received the nod to acquire a 20 percent stake in Kenyan tier three lender, Credit Bank, in the latest mergers and acquisitions in the country.

The industry regulator, Central Bank of Kenya (CBK), announced the acquisition on Monday, with an effective date of June 15, this year.

This follows CBK’s approval on April 24, 2023, under Section 13(4) of the Banking …

• The European Union Investment Bank (EIB) have agreed with commercial banks to unlock a whole new business financing valued at around $580 million.
• The EU is optimistic about the government’s efforts to attract businesses and support investment
• Tanzania Development Vision (TDV) 2025 indicates that about 54.3 percent of Tanzania’s small, medium and micro enterprises (MSMEs)

Over the past two years, President Samia’s administration has not only brought back confidence to investors who left Tanzania but attracted new ones and reinforced the old partners, including the United States.

Tanzania is walking confident with almost $1 billion in investment from various companies from the US, thanks to President Samia’s US visit in April 2022.

The European Union Investment Bank (EIB) and other investors have agreed with commercial banks in Tanzania to unlock a whole new business financing valued at around $580 million.

The support is breathing life into additional capital to small …

• EIB Vice President confirms EIB support for green hydrogen engagement with President Ruto
• New agreement to develop and unlock investment to produce green hydrogen using renewable energy
• EIB and Kenya to identify potential green hydrogen investment projects

The European Investment Bank (EIB) has committed to support and strengthen green hydrogen investment in Kenya.

Thomas Östros, European Investment Bank Vice President and Professor Njuguna Ndung’u, Cabinet Secretary, National Treasury and Economic Planning signed the Joint Declaration on Renewable Clean Hydrogen following discussions on green hydrogen investment with Kenya’s President  William Ruto.

“Kenya has some of the best renewable energy sources in the world if the storage components were equally developed. The route to storage has the potential to develop green hydrogen to deliver sustainable, green and inclusive growth. Today’s agreement builds on decades of close cooperation with the European Investment Bank to support renewable energy across Kenya. Together we will develop …

• Europe has announced plans to invest $340 million in upgrading Dakar’s Public Transport Network in Senegal.
• The financial support will be focused on the restructuring of the Dakar bus network.
• It covers 14 priority lines and includes the acquisition of 380 buses.

Europe has announced plans to invest $340 million in upgrading Dakar’s Public Transport Network in Senegal aimed at helping the country tackle environmental challenges by providing cleaner, safe and affordable public transport.

The project dubbed Global Gateway will be conducted by the European Investment Bank (EIB) with the support of the European Commission, the French Development Agency (AFD) and the KfW development bank (Germany) on behalf of the German federal ministry for economic cooperation and development.

The financial support will be focused on the restructuring of the Dakar bus network. It covers 14 priority lines and includes the acquisition of 380 buses, the construction of two depots, the …

• Green hydrogen is defined as hydrogen produced by splitting water into hydrogen and oxygen using renewable electricity.
• Green hydrogen is the future for Africa, especially in the wake of transitioning from old ways of energy production to modern systems featuring clean, renewable energies.
• The conversation on clean and renewable energy has become interesting over the years as technology and finance in the sector grows.

Africa has the potential to produce $1.06 trillion worth of Green hydrogen energy, according to a European Investment Bank report dubbed ‘Africa’s Extraordinary Green Hydrogen Potential’.

Global demand for hydrogen is projected to rise seven fold by 2050, with Egypt, Kenya, Mauritania, Morocco, Namibia and South Africa primed to ride the demand for green energy.

Another report by Africa Green Hydrogen Alliance by 2050 asserts that green hydrogen could increase the GDP of the six nations by $126 billion, equivalent to 12 percent of their GDP.…

• A survey by the European Investment Bank has revealed that most Kenyans believe climate change and environmental damage have affected their income or source of livelihood
• Losses associated with climate change in Kenya include severe drought, rising sea levels or coastal erosion, or extreme weather events such as floods or hurricanes
• The survey also found that most Kenyans, at 81%, said that investing in renewable energy should be prioritised

A new survey now shows that most Kenyans, at 97%, say climate change is already affecting their everyday lives.

The first edition of the European Investment Bank’s 2022 Climate Survey found that 76% of Kenyans believe that climate change and environmental damage have affected their income or source of livelihood.

The survey aimed to inform the broader debate on attitudes and expectations regarding climate action and sampled over 6,000 respondents, including 1 000 Kenyans aged 15 and over, from 10 African …

Partners of the  Africa Investment Forum said the increased and decisive investment will be the channel for Africa’s economic recovery post-COVID-19.

The partners expressed their confidence in Africa’s potential to recover from the ongoing crises in the economy and health.

“Africa will come out of this pandemic, tough as it is, and will build better and stronger economies. As partners of the Africa Investment Forum, the premier investment platform for Africa, our gaze must be clear; help Africa reboot its economy,” said African Development Bank President Dr Akinwumi Adesina, during a two-day virtual meeting for Africa Investment Forum founding, institutional and knowledge partners.

During the virtual meeting, the Africa Investment Forum revealed 15 projects under its Unified COVID-19 Response identified across five sectors for priority funding consideration. The five sectors include energy, agriculture and agro-processing, health, ICT and telecoms and industrial and trade.

The 15 deals are from the forum’s …

The European Investment Bank (EIB) has launched a new initiative to boost gender equality and female economic empowerment. The aim of SheInvest is to mobilise EUR 1 billion of investment that can benefit millions of women across Africa with better access to finance and by making sustainable infrastructure services and products work for them.

This initiative was launched simultaneously at the Africa Investment Forum in Johannesburg and at the EIB headquarters in Luxembourg.

Building on experience in northern and sub-Saharan African countries as well as in gender-focused lending, the EIB will step up efforts to further invest in projects, sectors and markets that have a transformative effect on gender equality and can increase the capacity of women and girls to participate in the economy and labour market.

“Unlocking the potential of women is key to boosting Africa’s economic growth. In several African countries many women still lack access to basic …