EIB Expands Climate Financing To Drive Africa's Sustainable Transition
Date
12/6/2024 9:11:07 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, December 6. The European
Investment bank (EIB) announced new commitments at the 2024 Africa
Investment Forum in Rabat, Morocco, to drive sustainable
development and economic inclusion across Africa, Trend reports.
The EIB has invested 21 billion euros over the past five years,
including 8.9 billion euros in private sector financing,
reaffirming its role as a key partner for the continent.
The bank committed 80 million euros to the Pembani Remgro
Infrastructure Fund II, its largest investment in an African fund.
The fund will focus on renewable energy, digital infrastructure,
and transportation to support climate action and sustainable
development.
Additionally, the EIB and African Development Bank invested in
the 30 million euro Seedstars Africa Ventures Fund I, aimed at
supporting African startups, promoting innovation, and prioritizing
gender inclusion.
As the EU climate bank, the EIB dedicates over half of its
Africa financing to climate and environmental projects, including
renewable energy initiatives like Morocco's Noor Ouarzazate solar
plant and Kenya's Lake Turkana wind farm. Vice-President Ambroise
Fayolle emphasized the Bank's commitment to aligning with Africa's
development priorities through initiatives like the Global
Gateway.
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