EIB Expands Climate Financing To Drive Africa's Sustainable Transition

2024-12-06 09:11:07

(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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