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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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,…

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