The EIB has announced the deployment of 16.6 million (euros) to combat Covid19 and enable economic growth worldwide.
More than 10 billion euros of covid-19 investment will improve public health, strengthen public services and support business investment in sectors affected by the pandemic. Nearly 800 million euros will support covid-19-related business investments in Egypt, while a specific regional funding program will also enable companies in North and Sub-Saharan Africa to develop projects against the pandemic.
In the renewable energies segment, the institution has announced financing of almost 2 billion euros for the establishment of two new electricity interconnections in Mali and Madagascar, with the aim of reducing dependence on fossil fuels, improving access to energy and increasing the use of cheaper energy sources. In Mali, the capital Bamako will be connected to the West African electricity exchange system and to new renewable energy sources.
In the transport sector, a further 1.1 billion euros will be granted to Egypt to transform public transport in its cities. In the housing sector, the EIB has announced that it will support the construction of energy-efficient housing in Kenya. This program should form part of the Big 4 Agenda, which aims to align with the World Bank's green standards to accelerate the construction of affordable housing for the population.
“The covid-19 pandemic may have been largely contained in Europe for the time being, but the number of businesses deeply affected by the crisis continues to grow, and the number of people infected and seriously ill is rising rapidly on other continents. The EIB is working with hundreds of private and public sector partners around the world to identify areas where help is needed, and to ensure that funding is provided quickly,” said EIB President Werner Hoyer (pictured).
Moutiou Adjibi Nourou
