EIB provides €110m for private sector investment in East Africa
It has signed lines of credit with the African Banking Corporation, NIC Bank and CRDB Bank.The European Investment Bank has agreed to provide €110 million to support investment by micro, small and medium-sized enterprises (MSMEs) in East Africa.
It has signed three lines of credit with the African Banking Corporation, NIC Bank and CRDB Bank to support job creation and economic growth in Kenya, Tanzania, Uganda and Burundi by providing long-term local and foreign currency loans and support investment across a range of sectors, including agriculture.
"Investment by small companies and entrepreneurs is essential for economic growth and to create jobs. The European Investment Bank is pleased to strengthen our support to ensure that East African companies can unlock new business opportunities and build on previous successful engagement with leading local banks," said European Investment Bank vice president Pim van Ballekom.
CRDB Bank deputy managing director Saugata Bandyopadhyay added: "We are delighted to deepen our partnership with EIB in supporting the development of SMEs in various sectors of Tanzanian economy, especially agriculture. SMEs contribute immensely to the growth of our economy and CRDB Bank has been playing a major role in the growth of local entrepreneurs - especially women entrepreneurs".
Since 2005, the European Investment Bank provided €3 billion to support investment by small business and entrepreneurs in Africa.