Browsing: European Investment Bank (EIB)

Climate finance by Multilateral Development Banks (MDBs) for low-income and middle-income economies hit a new record of $60.7 billion in 2022. The amount was 46 per cent higher than the 2019 levels, a new joint report by the lenders shows.

In terms of usage, $38.0 billion, or 63 per cent, went into projects helping mitigate the rising threat of climate change. Another $22.7 billion, or 37 per cent, went into supporting climate change adaptation initiatives. Overall, the portfolio of private finance mobilised in the period stood at $16.9 billion, the report said.…

• EIB has committed EUR 95 million to support companies that were most affected by the COVID-19 pandemic in Rwanda
• Bank of Kigali and KCB Bank Rwanda have been picked to manage the funds

The European Investment Bank has announced that it will support companies that were most affected by the COVID-19 pandemic in Rwanda, to a tune of EUR 95 million.

In a statement, the bank said it had picked Bank of Kigali (BK) and KCB Bank Rwanda to manage the funds, as well as provide new credit lines for Rwandan companies.

Commenting on the development, the Minister of Finance and Economic Planning Uzziel Ndagijimana welcomed EIB’s latest private sector engagement in Rwanda and the launch of its EUR 175 million East Africa COVID-19 Response Facility in the country.

Rwanda becomes the first country in East Africa to benefit from the new streamlined financing programme that will provide long term …

A global coalition of public development banks today emphasized the urgency of immediate resources for Africa’s recovery post-Covid 19. Together, they committed to deepening cooperation to boost investment opportunities across the continent.

Participants in the meeting, hosted by the African Development Bank, brainstormed on joint actions that could help boost a strong and inclusive recovery in Africa. This would be recovery grounded in a dynamic private sector. The African Association of Development Finance Institutions co-organized the meeting in collaboration with the International Development Finance Club, which is hosted by the Agence Française de Développement.

The meeting was held virtually and follows the first Finance in Common Summit held in November 2020. At that summit, public development banks committed to work together to support the transformation of the global economy and society towards sustainable and resilient development.

During the three principal sessions of the meeting, heads of public development banks and …

The European Investment Bank (EIB) board of directors approved $14.9 billion to finance post-pandemic recovery projects and climate action around the world. 

The new financing includes more than $3.67 billion of COVID-19 related investment aimed at strengthening public services, improving public health and back investment into companies in sectors hardest hit by the pandemic. 

The bank has approved $23.8 billion since the pandemic began to enable public and private partners around the world to address challenges in health, social and economic aspects. 

The EIB board of directors agreed to back investment in telecommunications, agriculture, housing, water and urban development across Asia, Europe, Africa, and Latin America. 

Werner Hoyer, EIB President said fighting climate change and tackling the pandemic has to go hand-in-hand to achieve a green recovery. He also said that this money would be invested in sustainability and innovation efforts and be used to minimize the impact of climate …

The European Investment Bank (EIB) and UNICEF announced a new partnership aimed at increasing access to quality education and protecting children from climate change.

Under a Memorandum of Understanding signed by EIB Group President Werner Hoyer and UNICEF Executive Director, Henrietta Fore signed a Memorandum of Understanding (MoU) that the two institutions are committed to jointly investing in quality education and skills training for the most vulnerable children. Community-based climate adaptation initiatives in schools and health facilities will be scaled up by both institutions.

“The social agenda of this European Commission aims for a more certain future for our children and young people. We want to protect them from poverty and make sure they have access to the skills and training they need to navigate the green and digital transitions. Nobody should be left behind. I welcome today’s agreement between the EIB and UNICEF which captures that very same ethos.” …

The European Investment Bank (EIB) recently partnered with the Eastern and Southern African Trade and Development Bank (TDB) to open a $120 million credit line to finance renewable energy projects for small and medium-sized enterprises (SMEs).

The agreement was signed between the European Investment Bank (EIB) and the Trade and Development Bank of Eastern and Southern Africa (TDB), a commercial bank owned by the Member States of COMESA, the World Bank (AfDB) and China on the sidelines of the 9th Summit of Heads of State and Government of African, Caribbean and Pacific (ACP) Countries

The partnership agreement was signed by EIB Vice-President, Ambroise Fayolle and Admassu Tadesse, President and CEO of TDB. The agreement provides a line of credit to support small and medium-sized enterprises (SMEs) investing in renewable energy and energy efficiency.

Also Read: French Development Agency provides $30 million for African SMEs

Companies have the means to bypass …

The International Finance Corporation (IFC) will inject $25 million into a new sea cable project that the Western Indian Ocean Cable Company (WIOCC) is executing.

IFC’s investment will be in form of equity to partly fund the $235 million new sea cable project located in the east and west coast of Africa and the development of strategically located data centres across the continent.

Telkom Kenya owns nine per cent stake in WIOCC, making it among the largest shareholders in the company. George Mokogi Telco’s Managing Director for carrier services division sits on WIOCC board.

WIOCC included the project as part of the financial years 2019 to 2021 capital expenditure plan which means IFC funding will boost the plan whose cost was mainly to be bared by the shareholders.

World Bank investment arm said with IFC joining it is expected to provide equity that is not available in the market and …

Dutch FMO and the European Investment Bank (EIB) have agreed to finance the construction and operation of two new solar photovoltaic plants in Kenya. EIB and FMO will each provide USD 53 million for the two projects, with the remainder of the USD 147 million total project cost provided by the project promoters Frontier Energy, David Langat, Chairman of the DL Group of Companies and Ayaz Merali, Managing Director of Paramount Bank.

The new Radiant and Eldosol projects are amongst the first to generate utility-scale solar power in East Africa. The two schemes will diversify Kenya’s electricity supply away from both rain-dependent hydro and fossil fuels, contribute to improving grid stability in Western Kenya and cater for expected increased in energy use in the coming years.

“As world leaders meet in New York to discuss future plans to save our planet, Kenya with EU support, is leading the way with …