European Investment Bank Unveils Major Commitments to Infrastructure, Innovation, and Inclusion at Africa Investment Forum

European Investment Bank Unveils Major Commitments to Infrastructure, Innovation, and Inclusion at Africa Investment Forum

(IN BRIEF) At the 2024 Africa Investment Forum in Rabat, Morocco, the European Investment Bank (EIB) announced major commitments to support sustainable development in Africa. Key initiatives include a $80 million investment in the Pembani Remgro Infrastructure Fund II, the EIB’s largest contribution to an African fund, focused on renewable energy, transportation, and digital infrastructure. Additionally, a $30 million investment in the Seedstars Africa Ventures Fund I, in collaboration with the African Development Bank, aims to support African startups, promote innovation, and advance gender inclusion. With over 50% of its African financing targeting climate and environmental challenges, the EIB continues to prioritize projects like Morocco’s Noor Ouarzazate solar plant and Kenya’s Lake Turkana wind farm. These efforts align with the EU’s Global Gateway strategy to foster sustainable development and inclusive growth across the continent.

(PRESS RELEASE) LUXEMBOURG, 7-Dec-2024 — /EuropaWire/ — The European Investment Bank (EIB) has announced significant initiatives to support sustainable development and economic growth across Africa, unveiled during the 2024 Africa Investment Forum (AIF) in Rabat, Morocco. Building on €21 billion in investments over the past five years, the EIB reinforced its position as a key partner in addressing Africa’s critical challenges through infrastructure development, entrepreneurship, and climate action.

Largest Investment in African Infrastructure Fund

The EIB has committed $80 million to the Pembani Remgro Infrastructure Fund II (PRIF II), marking its largest-ever investment in an African fund. PRIF II focuses on transformative infrastructure projects, including renewable energy, transportation, and digital infrastructure, aimed at driving climate action and sustainable development across sub-Saharan Africa.

This investment supports the EU’s Global Gateway strategy, which aims to mobilize €300 billion for global infrastructure by 2027, with half allocated to Africa. EIB’s involvement helped the fund surpass its target size, securing $355 million in commitments and amplifying its impact on critical infrastructure development.

Boosting Startups and Gender Inclusion

In collaboration with the African Development Bank (AfDB), the EIB is backing the $30 million Seedstars Africa Ventures Fund I. This initiative, supported by the Boost Africa programme, will provide risk capital to African startups, fostering digital innovation and prioritizing gender inclusion.

Leveraging expertise from Seedstars, a global tech network, and LBO France, a leading private equity firm, the fund aims to close the financing gap in Africa’s startup ecosystem, empowering entrepreneurs and driving innovation across the continent.

Climate and Social Impact

As the EU’s climate bank, the EIB channels over half of its African financing into projects addressing environmental and climate challenges. Notable examples include Morocco’s Noor Ouarzazate solar plant and Kenya’s Lake Turkana wind farm, which highlight the bank’s role in advancing Africa’s green transition. The EIB prioritizes projects that empower women, youth, and vulnerable communities, aligning with its broader mission of inclusive growth.

Ongoing Commitment to Africa

As a founding partner of the Africa Investment Forum, the EIB continues to play a strategic role in mobilizing resources for Africa’s development. These new commitments underscore its dedication to aligning with Africa’s priorities and advancing the continent’s sustainable future.

EIB Vice-President Ambroise Fayolle stated:
“Our investments in Pembani Remgro Infrastructure Fund II and Seedstars Africa Ventures demonstrate our unwavering commitment to Africa’s sustainable development. Through EIB Global and the Global Gateway strategy, we are addressing critical needs in infrastructure, innovation, and climate resilience while empowering communities.”

These initiatives signal a renewed focus on fostering economic resilience, creating opportunities, and ensuring sustainable growth across Africa.

Background information

EIB

The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives.

EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner in the Global Gateway. We aim to support €100 billion of investment by the end of 2027, around one-third of the overall target of this EU initiative. With Team Europe, EIB Global fosters strong, focused partnerships, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to people, companies and institutions through our offices around the world.

Media Contacts:

Anne-Cécile Auguin
a.auguin@eib.org
+352 4379 – 83330

Driss Charrier-Rachidi
d.charrierrachidi@ext.eib.org
+352 4379 – 70495

Press Office

press@eib.org
+352 43791

SOURCE: European Investment Bank