Public Management

EIB to invest additional €16bln+ to fight Covid-19 across the world

EIB to invest additional €16bln+ to fight Covid-19 across the world
Friday, 17 July 2020 14:47

The European Investment Bank (EIB) has just announced the deployment of €16.6 billion to fight the coronavirus pandemic and develop resilience projects in several economic sectors worldwide.

More than €10 billion of covid-19 investments will improve public health, strengthen public services, and support business investment in sectors affected by the pandemic. Nearly €800 million 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 segment of renewable energy, the institution has announced financing of almost €2 billion to set up two new electricity interconnections in Mali and Madagascar intending to reduce dependence on fossil fuels, improve access to energy and increase the use of cheaper energy sources. In Mali, the capital Bamako will be connected to the West African power exchange system and new renewable energy sources.

In the transport sector, new support of €1.1 billion will be given to Egypt to transform public transport in cities. In the housing sector, EIB announces that it will support the construction of energy-efficient housing in Kenya. This program is expected to be 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 infected and seriously ill people is rising rapidly on other continents. EIB is working with hundreds of private and public sector partners around the world to identify where help is needed and ensure that funding is delivered quickly," said EIB President Werner Hoyer (pictured).

Moutiou Adjibi Nourou

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
• Bassirou Diomaye Faye denounces credit rating agencies’ methodologies as ill-suited to African contexts.• Senegal urges reforms to enable fairer...
(AfDB)-The Board of Directors of the African Development Bank Group has approved a $474.6 million loan for South Africa's Infrastructure Governance...
New card enables African payments without using US or European networks Aims to lower costs, protect financial data, and boost intra-African...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société Générale Burkina Faso (SGBF).•The move is part of...
Most Read
01

• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...

Israel-Iran conflict raises new threats for global shipping and oil trade
02

Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...

Telecoms: Lebara Enters Nigerian Market with Strong Competitive Ambitions
03

• Google unveils Veo 3, its latest AI tool for ultra-realistic video generation• Experts warn deepfa...

Deepfake Threat Becomes Alarming in Africa as AI Advances Faster Than Laws
04

In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...

In Five Years, Francophone Africa Will be A Major Force in African Tech –Régis Bamba
05

• Gates Foundation commits $1.6 billion over five years to Gavi.• Bill Gates warns of rising ch...

Gates Foundation Pledges $1.6 Billion to Gavi to Boost Global Child Vaccination
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.