The European Investment Bank has formally agreed a total of EUR 495 million of new financing for three projects to support sustainable transport, clean energy and internet access projects in North, West and East Africa.
The three projects, signed at the summit attended by heads of state and government from across Africa and Europe, demonstrate the European Investment Bank’s technical and financial support for life-changing investment across the continent.
“New investment is crucial to unlock economic opportunities, improve lives and tackle the impact of a changing climate. As the EU Bank, the European Investment Bank is committed to ensuring the sustainable development goals can be achieved in Africa. The three projects signed today are more evidence of this.” said Dr. Werner Hoyer, President of the European Investment Bank.
New European Investment Bank financing announced at the summit will support projects in Egypt, Guinea and East Africa. This includes upgrading Cairo’s main metro line to transform public transport capacity used by 20 million people living in the city.
In West Africa the EIB will back completion of a new cross-border interconnector to enable first-time access to electricity by 200,000 people in Guinea and increased use of clean energy in Guinea, Mali, Liberia and Côte d’Ivoire.
Whilst in East Africa new support for telecom investment will allow 9 million to benefit from expansion of the fibre optic internet network in five Kenya, Rwanda, Uganda, Zambia and the Democratic Republic of Congo.
The European Investment Bank will support new investment to upgrade the 44km Line 1 of the Cairo Metro. This is one of the busiest metro networks in the world with more than 2.6 million passengers a day, and once complete the upgrade will increase passenger capacity by 40% and improve operational reliability.
Ahead of the formal announcement, Egyptian President Abdel Fattah el-Sisi and EIB President Werner Hoyer discussed future investment priorities in Egypt and the impact of EUR 4 billion of EIB support for private sector, transport, water and wastewater investment in the country since 2012.
At the Africa‑Europe High‑Level Forum the EIB announced EUR 15.4 million support for investment by a private sector telecom provider that will connect regions currently lacking broadband internet access.
Africa is one of the fastest growing regions for data traffic growth however limited connectivity is holding back economic potential and innovation. A new 4,850km fibre optic network to be built in the next 2 years will transform communications for an estimated 9 million people in Kenya, Rwanda, Uganda, Zambia and the Democratic republic of Congo.
Reflecting the importance of strengthening connectivity across Africa the European Investment Bank hosted a workshop during the Africa‑Europe High‑Level Forum to examine the impact of recently supported projects with leading public and private sector partners from across Europe and Africa. This included representatives from Austrian Development Bank and multinational energy company Engie.
Over the last decade the European Investment Bank has provided EUR 21.9 billion for investment across Africa.