Long-term investment to boost private sector’s competitiveness; Increasing access to finance for small and medium sized businesses; At least 25% of financing for climate action. On the margins of its Africa Day in the Ethiopian capital, Addis Ababa, the European Investment Bank has signed a new fifteen year EUR 200 million loan agreement with the African Export-Import Bank (Afreximbank), aimed at supporting trade-related productive investments, including in renewable energy projects, in Africa. At least 25% of this financing will be dedicated to projects which will help to diversify the power mix in the region, reducing reliance on fossil fuels and supporting climate goals. Speaking from the Africa Day event, jointly hosted by the EIB and the United Nations Industrial Development Organization (UNIDO), Werner Hoyer, President of the European Investment Bank said: “The EIB, as the EU Bank, is committed to supporting investment in Africa that unlocks economic opportunities, creates jobs and tackles a changing climate. With this operation Afreximbank and the EIB are joining forces to improve access to clean energy across Africa”.

Source: Ethiopian News November 22, 2018 13:07 UTC