The Board of the European Investment Bank has approved over $300m (€279m) of new investments for strategic infrastructure in Africa.

The board approvals included €14m for SME lending in Zambia, €15m for a new renewable energy fund in Africa and €200m for small business investment in South Africa.
 
“The board also approved €50m to upgrade the road into Mombasa (Kenya) and negotiations are currently being finalised and an announcement will be made in due course,” said Richard Willis, spokesperson for the EIB.

Willis said that the European Investment Bank is committed to supporting infrastructure and private sector investment across Africa.

“Last year the EUR provided more than €2.5bn for investment across Africa and last week we opened a new office in Addis Ababa. We have been operating in Africa for more than 50 years, alongside our engagement in Europe and elsewhere,” he told Africa Global Funds.
 
Overall, the Board of Europe’s long-term lending institution has approved €10bn of new investments in 45 projects across Europe and around the world, including road, rail, ports, inland waterways, and airports.

The EIB is the world’s largest public bank, owned directly by the 28 EU member states.