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Home›Africa›EU, African banks sign $120 million deal to fund energy, climate action projects

EU, African banks sign $120 million deal to fund energy, climate action projects

By alternativeafrica
December 11, 2019
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London, Dec. 11, 2019 (AltAfrica)-The European Investment Bank and the Eastern and Southern African Trade and Development Banks (TDB) have signed a deal to fund sustainable energy projects over the next 15 years.

Solar installers from Baker Electric place solar panels on the roof of a residential home in California, U.S. October 14, 2016- Reuters

Smart-energy.com reports that two banks signed a $120 million SME and climate action facility to fund climate action, renewable energy, and energy efficiency projects.

READ ALSO: SOMALIA FORCES KILL 5 MILITANTS WHO ATTACKED PRESIDENT’S HOUSE

The establishment of the facility comes after up to 65% of the African population is directly impacted by climate change, while only 4% of global greenhouse-gas emissions.

EU, African banks sign $120 million deal to fund energy, climate action projects

Ambroise Fayolle, European Investment Bank Vice President, said: “The largest ever cooperation between the EIB and TDB will support a total of EUR240 million of new investment across Africa. Scaling up climate-related private sector investment is key for climate action and saving our planet.“

This is the second line of credit to be extended by EIB to TDB, the first one having been signed in 2014 for €80 million.

Admassu Tadesse, TDB President, said: “Alongside these lines of credit, we are also thankful for EIB’s technical assistance support to TDB via which world-class training sessions were delivered to our staff, among other activities.

“Half of our portfolio is, directly and indirectly, contributing to SDGs; 70% of our energy portfolio is in renewables; and apart from our regular operations, we have recently launched an SME programme to address the missing middle-SME financing gap. Our multifaceted partnership with EIB will enable us to step-up our commitment to delivering triple-bottom-line results in the region we serve.”

Originally published on smart-energy.com

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  1. Nigeria commissions first solar mini-grid under World Bank electrification project | Alternative Africa 11 December, 2019 at 09:54 Reply

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