Earlier today the European Investment Bank restated its firm commitment to support infrastructure, renewable energy and private sector growth in East Africa. Over the last five years the European Union’s long term financing institution has contributed more than EUR 890m to the region, with over 52% in the energy sector.

Speaking at a Nairobi press conference on the second day of an official visit to Kenya Plutarchos Sakellaris, European Investment Bank Vice President responsible for Africa said, ”The European Investment Bank will do its best to ensure that energy, transport and SME investment can continue at ambitious levels, so that Kenya can continue to play an important economic role not only in the East African region, but in the world.”

Earlier in the visit Vice President Sakellaris assisted in inauguration and signature ceremonies for the upgrading of Nairobi’s Jomo Kenyatta international airport, a fibre-optic communications link along the Nairobi and Mombassa high-voltage transmission line and expansion of the Olkaria II geothermal plant.  The delegation also visited a number of microfinance projects financed through the Kenya Women’s Finance Trust in the Rift Valley. It is expected that the European Investment Bank, owned by the 27 member states of the European Union, will provide nearly EUR 260m of crucial funding for these projects.

The European Investment Bank is focusing involvement in Kenya’s energy sector, improving efficiency and quality of supply in electricity distribution, and increased electricity generation using non-weather dependent and non-fossil fuel geothermal power. A dedicated EUR 27m technical assistance grant to the Geothermal Development Company will further increaser geothermal power production in Kenya as part of the European Investment Bank’s climate action activities around the world. The Bank is also examining possible support for renewable energy projects in Kenya.

The high-level European Investment Bank delegation will also be meeting President Kibaki, Prime Minister Odinga, Ministers of Finance, Energy and Transport as well as business and banking leaders. In 2009 the EIB provided USD 79 billion for projects around the world. The European Investment Bank has provided EUR 890m for projects in East Africa over the last five years, including EUR 227m in Kenya.

Over the last 5 years over EUR 8.6 billion has been provided by the European Investment Bank for projects across Africa. The European Investment Bank operates in sub-Saharan Africa under the Cotonou Agreement. The revised agreement signed this week in Ouagadougou emphasises the role of regional development and infrastructure to economic growth and Millennium Development Goals.
The European Investment Bank has had a permanent office in Nairobi, responsible for the East and Central Africa region since 2005.

Background information:

  • The European Investment Bank, the long-term lending institution of the European Union, whose shareholders are the 27 European Union member states, has been active across Africa for over 40 years. EIB activities follow policies and objectives set down by European Union member states and whose Finance Ministers are the EIB’s Governors. 
  • The European Investment Bank has had a permanent office in Nairobi, responsible for the East and Central Africa region since 2005.