BRUSSELS, European Investment Bank (EIB) approved EUR 3.3 billion (USD 3.74 billion) of new financing for private sector and infrastructure investment in 20 African countries in 2018, EIB said Monday.
Addressing the African Union summit in Addis Ababa, EIB President Werner Hoyer confirmed that 2018 represented the largest annual support for investment across Africa by the EIB in 54 years of operations on the continent, the bank noted in a press statement.
“Africa needs good partners. The close cooperation between the European Investment Bank, the EU Bank, and African partners enabled record activity last year with EUR 3.3 billon of EIB new investment that will benefit projects across the continent,” he said.
“Discussions with African leaders here in Addis today will help to strengthen the impact of the European Investment Bank’s engagement across the continent in the years ahead,” he said.
This will ensure that Africa benefits from the European Investment Bank’s unique technical, environmental and financial expertise to achieve shared goals and tackle global challenges, added Hoyer.
Based in Luxembourg, EIB is the long-term lending institution of the European Union owned by its member-states.
Source: Kuwait News Agency