€3.3BN FINANCING FOR AFRICA

THE EUROPEAN Investment Bank (EIB) agreed to €3.3 billion (R50.72bn) of new financing for private sector and infrastructure investment in 20 African countries in 2018, its largest engagement on the continent since 1965, it said yesterday. Addressing the African Union summit in Addis Ababa, EIB president Werner Hoyer said discussions with African leaders would help to strengthen the impact of the bank’s investments across the continent in the years ahead. “Africa needs good partners. The close co-operation between the EIB, the EU Bank, and African partners enabled record activity last year, with €3.3bn of EIB new investment that will benefit projects across the continent,” Hoyer said. “The EIB is strengthening its co-operation with African and international partners to support digital transformation and the reduction of the gender digital divide across the continent.” | African News Agency (ANA)