European Investment Bank targets Ethiopia and Libya

The European Investment Bank (EIB) has earmarked €3.65bn ($4.77bn) in loans to be disbursed to Africa, Caribbean and Pacific (ACP) states between 2014 and 2020, with sub-Saharan Africa a major beneficiary. Speaking to African Energy during the annual visit of ambassadors of ACP partner countries to the Bank’s Luxembourg headquarters, EIB vice-president for sub-Saharan Africa Pim van Ballekom praised recent African growth, saying: “Investing in Africa is good for Africa, of course, but also for European industries.” The €3.65bn includes €1.13bn from the European Commission, under the EIB-managed ACP-EU Investment Facility, for technical assistance programmes or interest rate subsidies. The other €2.5bn will come from the EIB’s own resources.