EIB to Lend 1.1 billion USD for African Women Entrepreneurs

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Addis Ababa November 13/2019 The European Investment Bank (EIB) announced on Tuesday a 1.1 billion USD lending programme to help women entrepreneurs in Africa.

The Bank’s Vice President, Ambroise Fayolle revealed that the bank has signed three further agreements to boost sustainable development in Africa.

“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 EIB is the lending arm of the European Union. The bank has supported investment in Africa for more than 50 years.

Last year, it provided a record 3.3 billion Euro to African countries, with more than half the funds being pumped into the private sector.

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.

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