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27.11.2021 07:57 News >> European Investment Bank Launches Regional Hub In Kenya To Strengthen Engagement In Africa

European Investment Bank Launches Regional Hub In Kenya To Strengthen Engagement In Africa

Bank announces €400 million in support for businesses impacted by coronavirus, fragile regions, housing in Africa.

The European Investment Bank (EIB) discussed Friday with the Central Bank of Kenya how the EU Climate Bank's cooperation with Kenyan banks can support private sector investment and EIB's strengthened presence through a new Nairobi Regional Hub.
The meeting between EIB's President Werner Hoyer and his delegation with Central Bank of Kenya Governor Patrick Ngugi took place in Kenya's capital, Nairobi.
The EIB opened its first African regional hub on Thursday, strengthening the presence of the bank's technical and financial experts in Africa.
Hoyer on his first official visit to Africa since the start of the coronavirus pandemic was joined by Kenyan Finance Minister Ukur Kanacho Yatani to open the new hub that is set to bring Europe closer to Africa.
"We are committed to enhancing the impact of our sustainable investment around the world in close cooperation with our global partners and through an increased local presence of our technical, environmental and financing experts," said Hoyer. The hub "marks a milestone in the EU Bank's engagement in Kenya and builds on our 56 years of operations in Africa."
The hub will open a new chapter for the bank's cooperation with Africa, linking it with Europe and global partners.
EU Ambassador to Nairobi Henriette Geiger lauded the initiative.
"We are honored that the EIB has chosen Nairobi as the location for its regional hub. This is a testament to the growing importance of Nairobi as a gateway to the East Africa region, and Kenya as a strategic partner to the European Union, through which we are engaged in different spheres, including trade and investment," she said.
The EIB also announced Thursday €400 million ($453 million) in support for businesses impacted by the virus, fragile regions and housing in Africa.
The new hub will also expand and increase its expertise on climate action, innovation and digital investment, in close cooperation with other African-based partners of the EU.
The €400 million includes €50 million ($57 million) in new investments by Kenyan private sector firms in sectors most challenged by the COVID-19 pandemic, a €63 million (71 million) initiative with the COMESA Trade and Development Bank that will finance projects across east and southern Africa.
It also includes the construction of thousands of affordable and energy-efficient homes in Kenya which will be accelerated in a €180 million program. -



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