European Investment Bank Invests over 4 Billion USD in Africa in 2022
The funding in Sub-Saharan Africa last year responded to accelerate investment in sectors impacted by the COVID-19 pandemic, food security, energy as well as inflation shocks triggered by the Ukraine crisis by providing 2.79 billion dollars for new climate action, clean transport, renewable energy and targeted business financing, the bank said in a statement here.
The EIB, the European Union's long-term financing institution owned by its member states, noted that last year, 19 percent of EIB's funding to Sub-Saharan Africa went into climate action and environmental sustainability.
"For example, in Madagascar, the WeLight project will support the installation of solar mini-grids in more than 120 villages in rural Madagascar, equipping more than 45,000 households," it said.
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