European Investment Bank announces $1.1 billion lending program for women entrepreneurs in Africa

Today News Africa
Today News Africa
TODAY NEWS AFRICA L.L.C. is Africa's leading newspaper in the United States. Our media house is registered and headquartered in Washington, District of Columbia. Our Twitter handle is @todaynewsafrica and our email is contactus@todaynewsafrica.com

Must Read

Canon reaffirms commitment to Ghana and Africa at innovation summit

Canon Central and North Africa (CCNA), a division of Canon Middle East created in 2015 and...

Concession is the way to go for National Arts Theatre – Op-Ed

More facts seem to be emerging concerning the recent controversy over the National Arts Theatre, Lagos....

Equatorial Guinea and Vitol sign strategic partnership

Equatorial Guinea’s Ministry of Mines and Hydrocarbons signed a Strategic Partnership and Cooperation Agreement on the...

IMF approves disbursement of additional $133.4 million to Ivory Coast under ECF and EFF arrangements

The International Monetary Fund has approved the immediate disbursement of an additional $133.4 million loan to...

Nigeria: Atiku burns Buhari for turning a republic into an autocracy

Former Vice President of Nigeria Atiku Abubakar burned President Muhammadu Buhari on Friday for turning a...

Human Rights Watch warns “voluntary contributions” for elections in Burundi open door to abuse

Human Rights Watch said on Friday that local authorities and members of the much-feared youth league...

Buhari urges states to simplify land ownership process

President Muhammadu Buhari Friday in Abuja appealed to state governments to simplify the process of land...

Hey! Nigerians in the diaspora.. your country needs you – VP Osinbajo

Nigerians in the Diaspora can contribute more to the growth of the nation’s economy and other...

The European Investment Bank (EIB) has announced a $1.1 billion lending program to support women entrepreneurs in Africa.

EIB Vice President, Ambroise Fayolle, also revealed that the bank has signed three further agreements to boost sustainable development in Africa.

But the major deal is what the EIB has dubbed SheInvest. The EIB expects the gender-lending initiative to allow women to play a more active role in economies.

“This initiative aims to promote female entrepreneurship,” said Fayolle, noting that female entrepreneurs will also gain business skills from the initiative. He explained that the financing will promote gender investment related to climate change and is part of broader European engagement to provide targeted support for new investment that supports increased female economic participation in Africa.

The announcement was made at the Africa Investment Forum in Johannesburg, where hundreds of investors, development partners and wealth funds have gathered from 11 to 13 November for the continent’s premier marketplace.

The EIB is the lending arm of the European Union. The EIB has supported investment in Africa for more than 50 years. Last year, it provided a record €3.3 billion to African countries, with more than half the funds being pumped into the private sector.

As one of the largest providers of climate finance, the investment bank has also struck a deal with Guinea-based telecommunications provider, IPT PowerTech Group, which will see the company abandon fossil fuels for cleaner sources of power such as solar and wind.

Mohamed Al Habbal, Vice President and Chief Operating Officer at IPT PowerTech Group, says the move to renewable sources of energy such as solar power will help the company reduce its carbon footprint. Habbal estimates that thousands jobs will be created as a result of this deal.

A further deal that was signed on the first day of the second Africa Investment Forum, will see African Trade Insurance increase its membership in Western and Southern Africa. This increased insurance coverage is expected to attract more investment to the continent.

In Southern Africa the EIB confirmed a new lending programme to support access to finance by entrepreneurs across Malawi and confirmed a new scheme to finance smallholders in the country to be launched early next year.

Patricia Hamisi, a Senior Manager at Malawi’s FDH Bank, says the money will help the bank enhance its long-term credit to small businesses owned by women. “The agreement comes with technical assistance which will help the bank enhance its trade financing,” said Hamisi.

The Africa Investment Forum inaugural edition was launched in 2018 in partnership with Africa50, Afrexim Bank, the Trade Development Bank, the Development Bank of South Africa, the Islamic Development Bank, the Africa Finance Corporation, the European Investment Bank.

The 2019 Forum runs from 11 to 13 November in Johannesburg, South Africa.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Read also

Nigeria: Atiku burns Buhari for turning a republic into an autocracy

Former Vice President of Nigeria Atiku Abubakar burned President Muhammadu Buhari on Friday for turning a republic into an autocracy.

Human Rights Watch warns “voluntary contributions” for elections in Burundi open door to abuse

Human Rights Watch said on Friday that local authorities and members of the much-feared youth league of Burundi's ruling party have extorted donations for...

$7.6 billion to speed up growth in Africa’s most vulnerable countries

True, $7.6 billion is not a lot of money for a continent of 1.2 billion people living in at least 54...

Gabon president appoints eldest son Noureddin Bongo Valentin assistant to the president in charge of “all affairs of the state”

The President of Gabon Ali Bongo Ondimba has appointed his eldest son Noureddin Bongo Valentin as an assistant to the president...

More Articles Like This

Follow us on social media!

Pin It on Pinterest

Share This

Share this post with your friends!