European Union funded project launched to support key Libyan economic institutions

LIBYA – E-NABLE, a new project funded by the European Union, has announced that it will support key Libyan economic institutions in introducing digital economic governance tools and improving digital services for businesses. The three-year project (2022 – 2025) aims at promoting an investment-friendly and conducive business environment, strengthening the Libyan private sector and thus contributing to economic growth in…

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AfDB approves US$10.66M equity investment to support venture capital investments in African start-ups

AFRICA – The Board of Directors of the African Development Bank (AfDB) has endorsed a US$10.66 million equity investment to stimulate venture capital investments in African entrepreneurs at all stages of development. The African Development Bank (AfDB) will provide US$7.62 million from its own funds to the equity fund, while the European Union (EU) will invest US$3.05 million in partnership…

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EU unveils US$1.8B investment in Morocco’s green and digital transition

MOROCCO – The European Union will invest US$1.83 billion in Morocco to promote the green and digital transition, as part of the new European Global Gateway strategy. The announcement was made by the President of the European Commission, Ursula von der Leyen, during her visit to Rabat. The aid is part of an EU plan, dubbed Global Gateway, announced in…

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Asset manager Eiffel and advisory firm Finegreen to mobilize US$200m for electrification and energy transition in Africa

AFRICA – Asset management firm Eiffel Investment Group is partnering with investment advisory firm Finergreen to set up a financing mechanism for electrification and energy transition in Africa. Initially, the fund will mobilize US$200 million for renewable energy professionals. Already active in Europe, the new facility will focus on energy transition and electrification in Africa. According to Eiffel, the initiative…

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Equity Bank gets US$45.5m guarantee facilities from Proparco to support MSMEs

KENYA – French development finance institution Proparco, has granted Equity Bank two guarantee facilities, ARIZ and EURIZ totaling €39 million (US$45.5 million) to help the Kenyan bank further support job-creating MSMEs. Proparco also granted a €550,000 (US$641,432) technical assistance facility to support Equity Group Foundation’s health projects. The EURIZ guarantee and the technical assistance grant benefited from support from the…

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EDFI and GET.invest to inject US$12.34m in renewable energy in Burundi

BURUNDI – The European Union (EU) is launching its EDFI ElectriFI and GET.invest programs with the aim of encouraging private investment in renewable energy in Burundi. The aim of this funding is to support the electrification of Burundi, one of the least developed countries on the African continent. The first is the EDFI ElectriFI (Electrification Financing Initiative) program, which is…

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EU, GIZ extends US$65 million to Nigerian to support its renewable energy sector

NIGERIA – The Nigerian electricity sector is set to receive a US$65 million boost through its Nigerian Energy Support Programme (NESP), from the European Union in collaboration with Germany’s Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). With the extension, the EU has granted an additional US$20 million funding to the initial US$27 million dedicated to supporting the Nigerian renewable energy sector…

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Uganda receives US$91.8m from AFD and EU for water and sanitation in Insingiro District

UGANDA – The government of Uganda has received US$91.8 million in funding from the French Development Agency (AFD) and the European Union (EU). for the implementation of the Isingiro District Water Supply and Sanitation Project. The French Development Agency (AFD) funding of US$83 million is divided into a loan of US$80.6 million and a technical assistance grant worth US$2.3 million.…

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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…

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Kenya to sign trade agreement with EU without her EAC partners

KENYA – The European Union plans to sign an Economic Partnership Agreement(EPA) with Kenya, leaving out the rest of East African Counties that have failed to ratify the trade deal. According to Valdis Dombrovskis, the block’s executive vice-president and trade commissioner, the European trading block will first sign the agreement with Kenya as other EAC counties wait for ratification. The…

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