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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Banque Misr secures US$521m credit line from EIB to support local private SMEs

EGYPT – The European Investment Bank (EIB) has provided Egypt’s Banque Misr with a €425 million (US$521.50m) credit line to support local private small and medium-sized enterprises (SMEs) that have been affected by the COVID-19 pandemic, EIB stated in statement. The new facility aims at boosting the SMEs’ ability to lead Egypt’s economic growth. It is also is expected to finance investment projects, and working capital needs, in productive and service sectors, thus sustaining growth and employment while helping to mitigate the economic and social impact of the COVID-19 crisis,…

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European Investment Bank launches US$60.9m Africa pharmaceutical manufacturing program

AFRICA – The European Investment Bank (EIB) has launched the first ever scheme to strengthen local production of Active Pharmaceutical Ingredients in Africa and scale up drug manufacturing essential to improve public health. The EIB’s new US$60.9 million pharmaceutical investment initiative, initiated together with kENUP Foundation, will contribute to reducing dependency on drug imports and address medical supply chain weaknesses linked to COVID-19. The programme will improve availability of specialist drugs and tackle supply chain challenges that currently damage public health across Africa. Scaling up pharmaceutical investment in Africa will…

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EBRD and EIB to invest US$24m in Amethis Mena Fund II for SMEs in MENA zone

MENA – Amethis, the investment fund manager dedicated to the African continent, is preparing the first fundraising operation for its new investment vehicle, Amethis Mena Fund II. This first closing is announced for the first quarter of 2021. The Luxembourg registered Amethis Investment Fund Manager is an Alternative Investment Fund Manager (AIFM) and dedicated to projects and investments in Africa. It has €725 million (US$878.51 million) of assets under management. Two international financial institutions have already indicated their intention to invest in this vehicle, which targets medium-sized companies and fast-growing…

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Cameroon secures US$18M new joint initiative from EIB and Société Générale

CAMEROON – Société Générale, a French multinational investment bank and financial services company, and the European Investment Bank (EIB) have announced an agreement of a 10 billion FCFA (US$18.09 million) new joint initiative to support economic development across Cameroon. The initiative will include working capital, enable increased backing for investment projects and include more flexible disbursement conditions to reflect the acute and sudden challenges facing African business. The scheme is available immediately and will be managed by Société Générale in Cameroon. “This new credit line will unlock investment and support…

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