August 11, 2022

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Funding: The European Investment Bank seeks to expand the scope of its operations in Africa

The European Investment Bank (EIB) wants to be the most active in the world and especially on the African continent. Earlier this year, EIB launched a new branch, EIB World. Details of its priorities.

A delegation from the EIB came to Senegal to visit future vaccine-like projects in the funded Docker. “One of the fundamental objectives of the EU is a strategic partnership with Africa. In the discussions between the African Union and the European Union in Brussels earlier this year, we clearly saw that the heart of these needs identified by our African friends is health,” said Ambrose Foil, Vice President of the EIB. . To be more impactful, more visible and more flexible, these are the objectives of the BEI world, whose primary areas of operation are climate and health.

“What we know about the effects of the epidemic and the climate proves that our two continents are unusually interdependent. The Vice President of the EIB underscores that if we want to succeed in our climate and economic health policies in Europe, the same policies must be successful in Africa. We need our own budget, our own income, our own business plan, the capital allocated to BEI Monde, to better understand what we can and are going to do. To do outside of Europe “, adds Ambrose Foyle.

Invest heavily
Last year, half of EIB’s investments were already dedicated to climate operations. But how to implement such plans when the African states responsible for 4% of greenhouse gases and claim the right to use their fossil fuels for their development? “We do not teach anyone. We place ourselves within the framework of the European strategy of carbon neutrality 2050,” Ambrose Foel affirmed.

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We think we need to focus on multiple projects simultaneously to try to accelerate energy change around the world, but also in Africa. However, there is no question that the European Bank is doing without the private sector: “We are talking about investments in areas such as energy change, climate change, health care, food security, as Ambrose Foyle points out, while public investment is not enough”.

EIB World plans to raise billions of euros each year from private investors.

Sami Nemly / Les Inspirations Ego with Agencies