Luxembourg and EIB grant €3 million for microfinance projects in Africa

Jul 12, 2011

Luxembourg and the European Investment Bank have signed a €3 million agreement for several microfinance development projects in the African, Caribbean and Pacific Group of States.

"This package will strengthen EIB investments in microfinance companies and institutions that provide retail financial services to small businesses or micro-enterprises in beneficiary countries," EIB was quoted as saying by the APS news agency.

The agreement includes technical assistance, support and training in the fields of accounting, administration and risk management, as well as sound governance for microfinance institutions.

A total of 48 African countries are included in the ACP group.

Cameroon, Uganda, Chad, Ghana, Democratic Republic of Congo, Senegal, Tanzania, Namibia and Afghanistan are among the nations that already received financial support from agreements between EIB and Luxembourg, EIB added.