Project

Finance in Africa 2024 - Chapter 7: Partnering with Africa

European Investment Bank

DOI: 10.26303/r1zx-rg86

What is it about?

The final chapter of the report details the activities of the European Investment Bank (EIB) in Africa. The Bank has been investing there since 1963, financing a range of projects that support sustainable economic development. In the current period of geopolitical fragmentation and uncertainty, Europe’s partnership with Africa is vital and must be strengthened.

The EIB delivers all its investments through partnerships, and typically funds up to half of a project’s total cost. In 2023, the Bank opened regional hubs in Cairo, Egypt, and Abidjan, Côte d’Ivoire, allowing for closer ties with private and public partners across the continent. The Bank’s financing arrangements beyond the European Union were worth €8.4 billion in 2023, with Africa attracting 37% of this financing, at €2.5 billion in sub-Saharan African and €0.7 billion in North Africa. These projects are expected to provide safe drinking water to 1.7 million people, create 115 800 new connections to electricity networks and sustain 614 000 jobs in small firms and mid-caps.

Why is it important?

As part of Team Europe, EIB Global, the development arm of the Bank, works with the European Commission, the European External Action Service, and other European development finance institutions in funding flagship projects under initiatives such as the EU Global Gateway and the global climate transition. To understand how to best deploy resources in these projects, we need to measure the impact of our investments. This chapter conveys the EIB’s mission in Africa, with an overview of the scale and impact of the Bank’s investment in the continent and a sample of projects in each of the key sectors we operate in.

Perspectives

The EIB has been active in Africa since 1963, operating in most countries on the continent over that period. In 2023, Africa attracted 37% of non-EU funding, making the region a key focus of EIB operations. We remain focused on maximising the positive impacts of our operations, which aim to create jobs and improve living standards.

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Who is involved?