The European Investment Bank reiterates its commitment to Africa

The European Investment Bank reiterates its commitment to Africa

During a visit to Ivory Coast on November 21st, Werner Hoyer the President of the European Investment Bank (EIB) reiterated its intention to remain a major part of the whole continents future, particularly West Africa

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During a visit to Ivory Coast on November 21st, 2016, Werner Hoyer the President of the European Investment Bank (EIB) reiterated its intention to remain a major part of the whole continents future, particularly West Africa.

Werner confirmed not only the opening of the new regional office in Abidjan, and that the Boost Africa initiative would be rolled out across the continent, but also that from 2020 a minimum of 35% of all its activities in developing countries would be supporting carbon reduction and finding solutions for the climate change crisis. In addition, he reiterated that the bank was still dedicated to ensuring the promotion of investment opportunities in Africa by implementing the European External Investment Plan (EEIP) in the EU Neighborhood countries.

The Boost Africa initiative believes business is a key driver of both youth employment and growth, and as a result is investing over US$1 billion which will be used to help support innovation and start-up businesses across the continent.

Energos 1 and 2 projects

eib ivory coastDuring his visit to Ivory Coast, Werner visited a CI Energies site which focusses on the extension and rehabilitation of energy networks. The Energos 1 project which has already received approximately US$180 million in investment was discussed, confirming that on completion it will ensure that over 300,000 people benefit from either new or improved connections. The new Energos 2 project, which EIB has already invested over US$240 million in, was also discussed during his visit. Energos 2 will continue the work of Energos 1 but will also include developments to reduce greenhouse gas emissions, including the installation of a smart grid.

Numerous other projects are also due for implementation in Ivory Coast, including the construction of a number of dams, as well as two power plants in Grand-Bassam and Songon. Other sustainable sources of renewable energy are planned, with opportunities in biomass, solar and wind also all being investigated.

During his visit, Werner said, “The EIB has mobilized substantial resources to support Côte d’Ivoire in its policy of recovery and investment, particularly as it faces new economic, social and environmental development challenges such as youth employment and climate change action”, “It is our responsibility to create conditions conducive to investment and innovate using new instruments in order to support sustainable infrastructure and the private sector.”

Images sources : gouv.ci and abidjan.net

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