European Investment Bank supports €495m transformational investment across Africa
At the Africa‑Europe High‑Level Forum in Vienna today the European Investment Bank formally agreed a total of €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. Sustainable transport, clean energy and communications networks are shared challenges for Europe and Africa. Working together we can improve the lives of millions. 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 Cote 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.
Transforming sustainable transport– €350m backing for the Cairo Metro
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. Improving public transport is crucial to enabling alternatives to car use and cutting carbon emissions.
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 €4 billion of EIB support for private sector, transport, water and wastewater investment in the country since 2012.
Improving access to clean energy– €130m support for Guinea-Mali interconnector
The new electricity interconnector between Guinea and Mali is a crucial link in the Western African Power Pool that will provide reliable access to renewable energy to inhabitants of four countries and expand access to thousands of people living in rural communities in Guinea. The European Investment Bank has agreed to support the new connection that will reduce the need to use costly diesel generators and contributes to the United Nations Sustainable Energy for All initiative.
Connecting East Africa to the world – €15m for regional communications network
At the Africa‑Europe High‑Level Forum the EIB announced €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.
Once operational the improved telecommunications infrastructure is expected to support sustainable economic development across the region by enabling local communities to gain access to financial services, mobile health and education services, and agricultural information including commodity prices and weather alerts.
Building on successful partnerships to strengthen connectivity
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 €21.9 billion for investment across Africa.
