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EIB To Invest EUR 495m In E.A Infrastructure Development

 

East Africa region is set to benefit from the EUR 495 million new financing from European Investment Bank (EIB)   to support the development of three Infrastructure projects ranging from transport clean energy and access to internet.

In East Africa the funds will support the development of ICT sector, in the sector the funds will go to support investments in the telecoms to expand their Internet networks.

“Whilst in East Africa new support for telecom investment will allow 9 million to benefit from expansion of the fibre optic internet network in five Kenya, Rwanda, Uganda, Zambia and the Democratic Republic of Congo,” Read statement from the European Investment Bank.

The funds will be used to build a new 4,850km fibre optic network to be built in the next 2 years which will transform communications for an estimated 9 million people in Kenya, Rwanda, Uganda, Zambia and the Democratic republic of Congo.

This will solve the problem of poor Internet connectivity among the Countries in East Africa since Africa is one of the fastest growing regions for data traffic growth.

The Implication of the project: Once operational the improved telecommunications infrastructure is expected to support sustainable economic development across the region by enabling local communities to gain access to financial services, mobile health and education services, and agricultural information including commodity prices and weather alerts.

Other regions to benefit from the resources are the African Countries in the North Africa and West Africa.

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In West Africa EIB resources will back the back completion of a new cross-border power interconnector to enable first-time access to electricity by 200,000 people in Guinea and increased use of clean energy in Guinea, Mali, Liberia and Cote d’Ivoire.

The new electricity interconnector between Guinea and Mali is a crucial link in the Western African Power Pool that will provide reliable access to renewable energy to inhabitants of four countries and expand access to thousands of people living in rural communities in Guinea.

The European Investment Bank has agreed to support the new connection that will reduce the need to use costly diesel generators and contributes to the United Nations Sustainable Energy for All initiative.

While as in North Africa, the European Investment Bank will support new investment to upgrade the 44km Line 1 of the Cairo Metro.

This is one of the busiest metro networks in the world with more than 2.6 million passengers a day, and once complete the upgrade will increase passenger capacity by 40% and improve operational reliability.

Improving public transport is crucial to enabling alternatives to car use and cutting carbon emissions.

The vice president of the EIB Dr. Werner Hoyer said that more focus should be on supporting the development of Infrastructure which can  aid the development of the private sector .

“New investment is crucial to unlock economic opportunities, improve lives and tackle the impact of a changing climate. As the EU Bank, the European Investment Bank is committed to ensuring that sustainable development goals can be achieved in Africa.”

He added that sustainable transport, clean energy and communications networks are shared challenges for Europe and Africa. Working together we can improve the lives of millions. The three projects signed are more evidence of this.”

Over the last decade, the European Investment Bank has provided EUR 21.9 billion for investment across Africa.

 

 

 

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