EIB approves €10.9 bln finance to accelerate green transition worldwide, including Africa

Doaa A.Moneim , Monday 21 Nov 2022

The Board of Directors of the European Investment Bank (EIB) has approved financing worth €10.9 billion to accelerate climate action and clean energy, business investment, health and sustainable transport investment across the world, including Africa, the bank announced Sunday.

EIB
The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg

 

The announcement came on the sidelines of the UN Climate Change Conference (COP27) Egypt hosted in Sharm El-Sheikh over the past weeks.

“As leaders and negotiators from 200 countries meet at COP27 in Egypt to agree on policies and resources essential to mitigate and adapt to a changing climate, the EIB approved nearly €11 billion of transformational new investment to harness clean energy, improve sustainable transport and enable companies to cut energy use and innovate,” said EIB President Werner Hoyer.

“Close cooperation between business, public sector and financial partners globally is crucial to unlock investment that cuts emissions, reduces the impact of global energy shocks and tackles climate change,” he added.

The board meeting in Luxembourg also providing backing for three new targeted initiatives to streamline financing for private sector renewable energy, energy efficiency and energy access projects in Africa through venture debt financing for innovative companies helping to fast track sustainable energy use throughout the continent.

It also approved financing for new sustainable transport across Europe, the Western Balkans and Africa.

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