Co-operative Bank gets US$56m from EIB for SME lending

KENYA – Co-operative Bank has received KSh6.3 billion (US$56 million) from the European Investment Bank (EIB) for onward lending to small businesses to help them recover from the impact of the Covid-19 pandemic. Co-operative Bank Chief Executive Officer Gideon Muriuki said micro, small and medium-sized (MSME) firms with up to 250 workers can apply for the loan. The long-term loan will be repayable in seven years and will assist MSMEs to fund the acquisition of tangible business assets, working capital, development of distribution networks innovation and business research. Mr. Muriuki…

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Ecobank Group secures US$112m credit facility from EIB to support SMEs

AFRICA – Ecobank Group, the pan-African banking group, has signed an agreement for a €100 million (US$112.22m) long-term credit facility over 9 years with the European Investment Bank (EIB) to support the recovery of African SMEs from the COVID-19 pandemic. The facility is split into three regional facilities: West & Central Africa, Eastern Africa, and Southern Africa. Funding will be provided through Ecobank affiliates, for investment projects undertaken by private sector companies. The EIB made the facility available through its COVID-19 Rapid Response Facility, for private sector entities active in…

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EIB gives US$94.3m towards geothermal power production in SSA

SUB-SAHARAN AFRICA – A total of seven Sub-Saharan Africa nations are set to benefit from €80 million (US$94.3 million) funding from the European Union investment arm European Investment Bank (EIB) to increase geothermal power production. The European Investment Bank (EIB) approved the funding on 17th July 2021targeting private sector-led geothermal power projects in East Africa. The funding will benefit projects in Kenya and 17 other countries, including Ethiopia, Rwanda, Tanzania, Uganda, Mauritius, Mozambique, and Madagascar. “Eligible projects will typically include greenfield development and brownfield expansions, with proven geothermal resources,” said…

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Rwanda receives US$3.6m from EU to revamp labs for Covid-19 vaccine production

RWANDA – The government of Rwanda has signed a Rwf3.6 billion (US$3.6 million) partnership with the European Union to help upgrade the country’s laboratory capacity to help it attract investors to manufacture Covid-19 vaccines. The funds will be used to strengthen the Foods and Drugs Authority’s quality control for medical products to enable the regulator to acquire the necessary certification from the World Health Organisation (WHO). “What we signed is a step to revamp and also strengthen the Rwanda Foods and Drugs Authority. The money we will receive from the EU will support…

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OeEB, EIB launch US$119m private sector financing initiative for businesses affected by COVID-19

AFRICA – The Development Bank of Austria (OeEB) and the European Investment Bank (EIB) have launched a new EUR100 million (US$119.38m) private sector financing initiative for entrepreneurs and businesses most impacted by economic, health and social challenges triggered by COVID-19. The programme will enhance access to long-term financing across sub-Saharan Africa, help to create thousands of jobs and accelerate sustainable development and poverty reduction. The first joint business financing supported by the two institutions will provide both direct loans to companies in Africa and financing managed by local banks. “This…

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EIB approves US$95m financing for geothermal power generation in East Africa

EAST AFRICA – The European Investment Bank (EIB) has approved US$4.9 billion financing for renewable energy, clean transport, COVID-19 recovery, social housing and education. Of this amount, US$95 million will be allocated to the East Africa Rift Geothermal Project. The operation is an envelope for financing individual private sector investments into geothermal power generation projects in different countries in the East African Rift region and the sub-operations under the envelope will undergo individual project appraisals and be separately approved for bank financing. Funding will be available for the countries of:…

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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…

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EIB backs Zim’s CABS with US$18m facility to support businesses affected by COVID-19

ZIMBABWE – The European Investment Bank (EIB) has unveiled a €15 million (US$18 million) seven-year facility to Zimbabwe’s biggest mortgage lender, CABS, a member of Old Mutual Group, to bail out thousands of firms that have been affected by COVID-19. The intervention is part of EIB’s strategy to scale up interventions across African markets to build resilience in the region’s companies during the pandemic. It is part of an approved response strategy unveiled by European Union (EU) finance ministers after the COVID-19 outbreak in 2020. Speaking at a signing ceremony…

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Drilling works resume at Akiira geothermal site in Kenya

KENYA – Drilling works are set to resume at the Akiira geothermal site in the Rift Valley, western Kenya after the local population gave the green light to its owner, Akiira Geothermal Company to continue work after months of blockade. The local communities, particularly those in Kedong and Lapland in Naivasha, were concerned about the environmental impacts of geothermal installations. The concession is operated by a consortium of Centum Investments Company, Marine Power Generation, DI Frontier Energy Carbon Fund and Ram Energy. To gain the support of the protesters, Akiira…

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EIB approves US$35.7m loan for clean water supply in Malawi

MALAWI – The European Investment Bank (EIB) has approved $35.7 million loan to extend the drinking water network in southern Malawi. The project is to be implemented by the state-owned Southern Region Water Board (SRWB). The soft loan is to be repaid over 20 years with a grace period of 5 years. The EIB funding is for the extension of the drinking water network in the southern region of Malawi, particularly in Balaka and Liwonde. According to the SRWB, part of the funding will be used for the development of…

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