Gambia launches US$23m electricity project to benefit 685 communities

GAMBIA – The Gambian Vice President has laid the foundation stone for the Greater Banjul Area (GBA) Transmission and Distribution Modernisation Project at the Salagi Forest Park which is part of its plan to meet the target of Energy for all. The project is co-funded by the World Bank, European Union, and European Investment Bank as part of The Gambia’s Electricity Restoration and Modernisation Project (GERMP) at a total project cost of US$23 million, with the contract awarded to TBEA, a Chinese company. Fafa Sanyang, the country’s Minister of Petroleum…

Read More

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…

Read More

AfDB & EIB ink deal to boost infrastructure investment in Africa

AFRICA – The African Development Bank (AfDB) and 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 the two financial 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 services;…

Read More

Angola and Mozambique to access US$70m from AfDB under the ‘Lusophone Compact’ program

MOZAMBIQUE – African Development Bank (AfDB) has availed two lines of credit worth US$70 million for Angola and Mozambique under the ‘Lusophone Compact’, according to the bank’s vice-president Mateus Magala. The Lusophone Compact is an innovative model for financing projects in African Portuguese-speaking countries, in which Portugal, which has a guarantee of US$484,468 million in the State Budget for this year, and the AfDB, play a major role in the financing, preparation, monitoring and execution of projects. “The projects in Angola and Mozambique are more advanced, with two lines of…

Read More

AfDB pledges to mobilise US$6.5b in support of the Sahel’s Great Green Wall initiative

AFRICA – The Sahel region’s Great Green Wall Initiative received a major boost from the African Development Bank this week when the bank pledged to assist in mobilising up to US$6.5 billion over five years, to advance the landmark initiative. The resources will be made available through a range of programmes in support of the Great Green Wall by drawing on internal as well as external sources of funding, such as the Sustainable Energy Fund for Africa (SEFA) and the Green Climate Fund (GCF), among others. Multilateral development partners joined…

Read More

EIF, UNDP join hands to strengthen cooperation for sustainable finance

AFRICA – The United Nations Development Programme (UNDP) and the European Investment Fund (EIF) have joined hands to develop joint initiatives for sustainable finance and the implementation of the Sustainable Development Goals (SDGs).  UNDP Administrator Achim Steiner, and the Chief Executive of the European Investment Fund (EIF), Alain Godard, signed a Memorandum of Understanding (MoU), which re-affirms the organisations’ commitment to address the socio-economic consequences of the COVID-19 pandemic, respond to climate change and tackle inequalities. EIF and UNDP have also agreed to explore cooperation opportunities in fields of common…

Read More

UNDP and European Investment Bank to collaborate more in helping countries tackle global crises

GLOBAL – The European Investment Bank (EIB) and the United Nations Development Programme (UNDP) have signed a new partnership agreement to scale up their support to countries facing crises caused by epidemics, natural disasters, conflict and other types of fragility.  EIB says that this agreement will enable both institutions to reinforce the resilience of partner countries and contribute to achieve the Sustainable Development Goals (SDGs). The immediate focus will be to address setbacks, mainly caused by the COVID-19 crisis, in Eastern and Southern neighbourhood, Central Asia and Africa. In situations…

Read More

Egyptian private equity fund LCP Fund II raises US$140m in funding round led by EIB

EGYPT – LCP FUND II COÖPERATIEF U.A., a generalist private equity fund targeting primarily growth capital investments in SMEs and mid-market companies in Egypt, has raised US$140 million at the first closing of its investment round. The funding round was led by the European Investment Bank (EIB) which signed a commitment of US$22 million. The LCP Fund II also attracted investment from other institutional investors including; the European Bank for Reconstruction and Development, International Finance Corporation, Proparco and the Egyptian American Enterprise Fund. The fund manager, LCP FUND MANAGER BV…

Read More

Gap Fund launched to support development of climate resilient cities

GLOBAL– The Governments of Germany and Luxembourg in collaboration with the World Bank, European Investment Bank and Global Covenant of Mayors have launched the City Climate Finance Gap Fund (“The Gap Fund”) to support development of climate resilient cities in emerging economies. According to a statement from the European Investment Bank. the launch of the Gap Fund paves the way for low-carbon, resilient and livable cities in developing and emerging economies by unlocking infrastructure investment at scale.   Cities are on the frontlines of the climate emergency and currently account for…

Read More

European Investment Bank commits US$15bn to support COVID-19 resilience, global infrastructure development

GLOBAL – The European Investment Bank (EIB) has approved € 12.6 billion (about US$14.94 bn) of new financing for projects across Europe and around the world. The new financing includes more than € 3.1 billion (US$3.68 bn) of COVID-19-related investment to improve public health, strengthen public services and back investment by companies in sectors hit by the pandemic. In July, EIB approved € 16.6 billion (about US$18.94 billion) of new financing for COVID-19 health response and economic resilience initiatives around the world. The Bank then explained that much of the…

Read More