(Ecofin Agency) - 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