€6m fund to improve southern Africa infrastructure projects

Mar 23, 2010

A new joint programme aimed at improving preparation for infrastructure projects across southern Africa has been established.

The European Investment Bank (EIB) and the Development Bank of Southern Africa (DBSA) each allocated €3 million to the initiative, which will be used to help countries across the south and east of the continent plan improvement schemes.

Projects relating to transport, energy, water and sanitation will all benefit from the partnership and Chief Executive Officer of the DBSA Paul Baloyi said the move "will enable the two institutions to advance priority projects in the region as required and ensure broader benefit".

Plutarchos Sakellaris, Vice-President responsible for Africa at the EIB, added the bank - which raised €79.4 billion in funding during 2009 - is looking forward to working with the DBSA to "reduce the infrastructure backlog in key areas".

Over the course of last year, the EIB provided in excess of €1.1 billion in funding to sub-Saharan African countries.