European Investment Bank engagement in Africa in 2018 : EUR 3.3 billion
February 15, 2019
In 2018 the European Investment Bank agreed EUR 3.3 billion (USD 3.74 billion) of new financing for private sector and infrastructure investment in 20 African countries. Addressing the African Union summit in Addis Ababa, Werner Hoyer, President of the European Investment Bank confirmed that 2018 represented the largest annual support for investment across Africa by the EIB in 54 years of operations on the continent.
For example, last year the EIB provided more than EUR 1.14 billion for private sector investment in Africa. This included support for industrial investment in Egypt, Morocco, Tunisia and Nigeria, and new financing for business investment through credit lines with local banks in North, West, East and Southern Africa.
In the coming months the European Investment Bank expected to confirm significant new financing for projects across Africa including support for sustainable transport, urban development, water infrastructure, microfinance and private sector investment. The European Investment Bank has agreed more than EUR 48 billion of investment across Africa since 1965.