EIB, Banque Misr enhance cooperation to support SMEs and sustainable financing in Egypt

EGYPT – The European Investment Bank (EIB) and Banque Misr have partnered to enhance cooperation to further strengthen support for SME lending and increase financing for companies in Egypt. The first technical assistance programme will further strengthen credit risk management and the adoption of SME financing best practice to enable Banque Misr to increase financing for smaller companies. The second…

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First Capital Bank Limited, EIB, EU partner to develop SMEs and MidCap companies

ZIMBABWE – First Capital Bank Limited in partnership with the European Investment Bank (EIB) and the European Union (EU) have secured a developmental line of credit to the tune of EUR 12.5 million (US$13.7m). The funding is set to develop eligible investment projects undertaken by Small to Medium Enterprises (SMEs) and MidCap companies under First Capital Bank Limited locally. “We…

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Egypt signs US$320 development financing agreement with EIB

EGYPT – Egypt has signed a US$320.19 million development financing agreement signed with the European Investment Bank (EIB) beginning of 2022. The country was offered two grants of US$25.62 million from the European Union (EU) within the framework of Egypt Vision 2030. The Ministry of International Cooperation said, in a statement, that as part of the agreements, the EIB has…

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Cameroon receives US$28m financing from EIB to strengthen economic resilience

CAMEROON – CCA Bank and Commercial Bank-Cameroun have received US$28.46 million (EUR27m) of new long-term financing from the European Investment Bank (EIB) to support investment by entrepreneurs and businesses across Cameroon and strengthen economic resilience to the COVID-19 pandemic. The two new credit lines will be managed by leading local financial partners, EUR 15 million (US$15.81m) by CCA Bank and…

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Telecom Egypt, EIB sign US$162M loan agreement to support 4G broadband network

EGYPT – Telecom Egypt (TE) and the European Investment Bank (EIB), the lending arm of the European Union (EU), have inked an agreement to secure a medium-term loan of US$162.55 million to expand TE’s 4G broadband network. The loan will be used to improve TE’s mobile network coverage by deploying around 2,000 new mobile sites and installing additional capacity layers…

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IFC, African and European Partners launch Alliance to support private sector growth in Africa

AFRICA  – International Finance Corporation (IFC), African and European partners have launched Alliance for Entrepreneurship in Africa to support private sector growth in Africa. The Alliance will combine and focus the technical and financial strengths of its members to improve Africa’s business environment and support the growth and success of small and medium-sized enterprises (SMEs), women in business, and young…

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EIB commits US$70m to support six high impact private sector investment initiatives across Africa

AFRICA – The European Investment Bank Global (EIB Global) has committed US$70.4 million to support six high impact private sector investment initiatives across Africa. In a statement, EIB said the funding would tackle the impact of the COVID-19 pandemic and unlock sustainable growth. The bank said the funding would assist targeted private sector investment, including high-tech innovation, rural microfinance and…

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EIB, EU partner with First Capital Bank to transform access to finance for agricultural businesses

MALAWI – The European Investment Bank (EIB) and the European Union confirmed a new cooperation with First Capital Bank to transform access to finance for agricultural businesses across Malawi. The impact of the new €12.5 million (US$14.18m) EIB financing to First Capital Bank, will be enhanced by both specialist best practice agricultural investment technical assistance and European Union contribution of…

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Asset manager Eiffel and advisory firm Finegreen to mobilize US$200m for electrification and energy transition in Africa

AFRICA – Asset management firm Eiffel Investment Group is partnering with investment advisory firm Finergreen to set up a financing mechanism for electrification and energy transition in Africa. Initially, the fund will mobilize US$200 million for renewable energy professionals. Already active in Europe, the new facility will focus on energy transition and electrification in Africa. According to Eiffel, the initiative…

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Co-operative Bank gets US$56m from EIB for SME lending

KENYA – Co-operative Bank has received KSh6.3 billion (US$56 million) from the European Investment Bank (EIB) for onward lending to small businesses to help them recover from the impact of the Covid-19 pandemic. Co-operative Bank Chief Executive Officer Gideon Muriuki said micro, small and medium-sized (MSME) firms with up to 250 workers can apply for the loan. The long-term loan…

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