CIH Bank secures US$73.06m from European Investment Bank to support SMEs

MOROCCO – The European Investment Bank (EIB) has provided Moroccan CIH Bank with a €60 million (US$73.06m) funding destined to support SMEs affected by the global health crisis generated by Covid-19 pandemic. The EIB funding is part of the European Union’s external lending mandate and falls under the Bank’s Covid-19 response and the Team Europe program. The support is intended to help develop the private sector by focusing on SMEs, increasing competitiveness, and creating jobs. The financing agreement provides for sharing the EIB’s expertise in promoting green financing and optimizing…

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EIB backs Zim’s CABS with US$18m facility to support businesses affected by COVID-19

ZIMBABWE – The European Investment Bank (EIB) has unveiled a €15 million (US$18 million) seven-year facility to Zimbabwe’s biggest mortgage lender, CABS, a member of Old Mutual Group, to bail out thousands of firms that have been affected by COVID-19. The intervention is part of EIB’s strategy to scale up interventions across African markets to build resilience in the region’s companies during the pandemic. It is part of an approved response strategy unveiled by European Union (EU) finance ministers after the COVID-19 outbreak in 2020. Speaking at a signing ceremony…

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Drilling works resume at Akiira geothermal site in Kenya

KENYA – Drilling works are set to resume at the Akiira geothermal site in the Rift Valley, western Kenya after the local population gave the green light to its owner, Akiira Geothermal Company to continue work after months of blockade. The local communities, particularly those in Kedong and Lapland in Naivasha, were concerned about the environmental impacts of geothermal installations. The concession is operated by a consortium of Centum Investments Company, Marine Power Generation, DI Frontier Energy Carbon Fund and Ram Energy. To gain the support of the protesters, Akiira…

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EIB approves US$35.7m loan for clean water supply in Malawi

MALAWI – The European Investment Bank (EIB) has approved $35.7 million loan to extend the drinking water network in southern Malawi. The project is to be implemented by the state-owned Southern Region Water Board (SRWB). The soft loan is to be repaid over 20 years with a grace period of 5 years. The EIB funding is for the extension of the drinking water network in the southern region of Malawi, particularly in Balaka and Liwonde. According to the SRWB, part of the funding will be used for the development of…

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E-hailing firm Bolt gets US$23.8m capital injection from IFC for Africa, Eastern Europe expansion

SOUTH AFRICA – E- hailing service provider Bolt has received a US$23.8 million capital injection from the International Finance Corporation (IFC), to expand mobility solutions that create earning opportunities, improve access to transportation, and stimulate entrepreneurship in African and Eastern European markets. The IFC investment will be directed towards Eastern Europe, including Ukraine, and African markets, such as Nigeria and South Africa, and support Bolt’s ongoing work to empower drivers while creating new economic opportunities. The investment from IFC comes as Bolt is growing in South Africa  and the rest of the Africa and…

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Equity Bank receives US$150.4m loan facility from EIB to support SMEs

KENYA – Equity Group Holdings has signed a US$150.4 million loan facility with the European Investment Bank (EIB) and the European Union (EU) to support small businesses in Kenya. The loan facility is in Kenya Shillings to match the operating currency of SME businesses and eliminate the risk of foreign exchange. The US$23.7 million grant on the other hand allows capacity building on the borrowing clients to de-risk lowering the risk of default and hence allowing affordability by adoption of low-risk priced interest rates. In response to the Covid-19 pandemic, Equity…

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Senegal secures US$138m from EIB to improve supply of drinking water

SENEGAL – The European Investment Bank (EIB) is set to provide US$138.39 million (€114.5 million) in financial support to improve the drinking water supply and promote integrate solid waste management in Senegal. The support will strengthen the country’s resilience to the ongoing COVID-19 pandemic and other future pandemics as climate change exacerbates the urgency of the situation. By focusing on secondary cities, the Bank is supporting Senegal’s efforts to achieve balanced development across the country, reducing geographical disparities to ensure greater regional equity. Sustainable cities are an absolute necessity given…

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EIB invests US$11m loan to Jaida to support income-generating microcredit activities

MOROCCO – The European Investment Bank (EIB) has financed €10 million (US$11.99m) loan to the financing company of microfinance organizations, Jaida, to support income-generating microcredit activities in Morocco. The loan to be extended will strengthen the company’s capacity to finance microfinance institutions in Morocco and support its action meant to promote financial inclusion and social development, said a BEI-Jaida joint press release. This funding will be used exclusively to finance micro-credits totaling less than €25,000 (US$29,979) in order to promote income-generating activities and help maintain employment through micro and small…

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EIB provides US$46m debt to photovoltaic park in Burkina Faso, increasing power generation capacity

BURKINA FASO – The European Investment Bank (EIB) has announced EUR 38.5 million (US$46.6m) in debt for a project that will lift by a third the power generation capacity of a 37-MW solar park in Burkina Faso. The photovoltaic (PV) park is being operated by Burkina Faso’s national electric utility Sonabel, the lender said. The utility has committed to invest EUR 70.5 million (US$85.39m) in an expansion scheme that aims to raise the capacity of the plant to 50 MW and thus help it response to the 10% annual increase…

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AfDB partners EIB to boost public and private sector investment in Africa

Ethiopia secures US$165M in grant funds from AfDB to bolster COVID-19 emergency response efforts

AFRICA – The African Development Bank (AfDB) and the European Investment Bank (EIB) have signed a joint partnership action plan highlighting their strengthened cooperation and mutual development priorities and a strong shared emphasis on boosting public and private sector investment in Africa. The Joint Action Plan enables both institutions to grow a shared pipeline of bankable projects around key complementary themes to which each institution would bring their comparative advantage. These themes are climate action and environmental sustainability; transformative large-scale quality infrastructure investment; Information and Communication Technology (ICT) infrastructure and…

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