The EIB, a key partner of the Global Gateway in promoting sustainable development in Africa

What role does the EIB play in Africa? And how does Africa fit into EIB Global’s strategy? 

In 2024, Africa received about 40% of our total investment beyond the European Union, making it the biggest beneficiary of this category of EIB financing – a total of €3.1 billion of new investment. Beyond the figures, our priority via EIB Global, our arm for development and international partnerships, is to finance high-impact projects promoting sustainable growth, employment and the quality of people’s daily lives. 

Our Board approved  in October new strategic orientations for EIB Global. It focuses on win-win global partnerships and a strong European voice in a changing geopolitical landscape. EIB Global will tailor approaches by region and sector, aligned with EU priorities. In Sub-Saharan Africa, we will focus on key enabling infrastructures needed for development, such as health, water, energy (both on-grid and off-grid), sustainable agriculture, transport and digital inclusion, supporting the local private sector and building strong win-win partnerships and strategic alliances for impact, also with new tools, and streamlined procedures. Our objective is to make a difference on the ground. 

As the EU bank, we finance and implement our activities in close cooperation with the European Commission and our partner multilateral and national development finance institutions.

We also invested in innovative and high-impact funds such as Pembani Remgro Infrastructure Fund II, Amethis III and I&P Afrique Entrepreneurs 3 (IPAE 3) to back young companies in African countries where it is difficult to access finance.

Our strong presence in Africa falls under the EU Global Gateway strategy, in which the EIB, as the financing arm of the European Union, remains a key component. With our Team Europe partners, we reached the €300 billion target for Global Gateway investments ahead of time, with one-third of the total amount mobilised by the EIB. We have already committed to surpassing €400 billion by 2027. 

Could you illustrate your action in Africa with some examples?

There were a number of new, impactful investments announced during the Global Gateway Forum, such as a €39 million loan to expand wind power in Cabo Verde, a project expected to reinforce the country’s energy sovereignty and leadership in the green transition across West Africa, and a €95 million financing package for BioNTech to develop a local vaccine manufacturing facility in Rwanda. Another key project with the EIB as lead financier (providing a €125 million loan) is the regional corridor in Mauritania and its extension of a 225 kV high-voltage line over 600 km to connect rural communities and link solar power plants to the grid. The project is expected to significantly improve electricity access in underserved rural areas and enhance the reliability and security of the national grid with the integration of renewable energy sources. Mor recently this week, in the margins of the Annual Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), we have announced with Vista Group the signature of two financing agreements of respectively € 20 million to Vista Gui and € 10 million to Vista Bank (SL) to strengthen access to finance for SMEs and mid-caps in Guinea and Sierra Leone. By opening access to long-term capital for youth- and women-led businesses in agriculture, this partnership marks a significant step towards inclusive finance in West Africa.

The EIB is known as the climate bank. What do you expect from COP30 in Belém? 

At COP30, we need to deliver a message that we are keeping the green transition on track with a strong sense of partnership around the world. And, actually, EIB will have a key role as a proud member of the group of Multilateral Development Banks (MDBs). 

Through the second phase of our Climate Bank Roadmap that our Board unanimously approved in September 2025, we are staying the course on climate action and remain committed to working closely with our fellow MDBs. A key priority is to support countries and businesses including in Africa, in accelerating the energy transition and climate adaptation but also other Sustainable Development Goals such as the digital transition.  

The EIB Group remains committed to dedicating over 50% of its finance to climate and environmental objectives – supporting at least €1 trillion in green investment this decade. We finance concrete projects around the world that are all aligned with the Paris Climate Agreements.

We do it because we think it is good to fight against climate change, but also because we are convinced it is a key element for the competitiveness of our economies. This is a key priority for us as we embark upon implementing the second phase of our Climate Bank Roadmap 2026-2030, which consolidates the role of European Investment Bank Group as the climate bank. 

At MDB level, it is remarkable that, at COP29 in Baku, multilateral development banks issued a joint statement outlining financial support and other measures for countries to achieve ambitious climate outcomes. And here we have some good news to share. Last September, MDBs announced a significant milestone: their global climate finance rose by 10% last year, reaching a record $137 billion. Even more notably, climate finance directed toward low- and middle-income economies increased by 14%, surpassing $85 billion. These figures demonstrate that MDBs are firmly on track to meet their ambitious climate goals.

And how does the EIB’s action address climate challenges in Africa? Can you accelerate sustainable investment in Africa?

In Africa, we see how much the cost and impact of extreme weather events and disasters is rising. This is why accelerating investment in prevention and adaptation is so important: every euro we invest in these two areas saves five to seven euros in damage repair, reconstruction and losses. In the second phase of our Climate Bank Roadmap, we have decided to double our financing for adaptation to climate change to €30 billion by 2030, focusing on high priority sectors such as agriculture, water, cities and vulnerable regions and communities. We will also focus our action on clean energy transition as a shared business opportunity to support sustainable growth and security.

We are supporting many impactful projects to address climate change and preserve environment in Africa, such as Côte d’Ivoire’s initiative to reforest almost 20% of the country by 2030, the clean-up operation in Benin to tackle the management of solid waste under the Clean Oceans initiative, and an innovative project with the BURN company in East Africa, which is expected to avoid 12 million tonnes of carbon emissions over five years.

We improved off-grid access to energy in Benin and power grids in Cabo Verde, as well as the connection of schools and hospitals to solar energy in The Gambia. We also are a key investor in the Sustainable Cacao Initiative, granting €100 million in intermediated loans over past three years to certified sustainable cocoa cooperatives in Côte d’Ivoire. And we plan to triple this amount in the next three years, while expanding such operations to other countries across the region. These financial partnerships are complemented by technical assistance programmes aimed at strengthening the capacities of SMEs and cooperatives in the cocoa sector – particularly those led by women entrepreneurs – to develop viable business plans and meet future environmental and social requirements for products exported to EU member states.

To help bridge the gap between climate goals and private investment, the EIB will continue providing technical assistance to central banks, supervisors, and financial institutions in developing and emerging economies through the Greening Financial Systems programme. With EIB support, the Central Bank of Kenya developed for example the country’s first Green Finance Taxonomy and Climate Risk Disclosure Framework, helping to inform and ultimately increase climate-related investments. The programme has since expanded to other countries around the globe, including in Africa with Rwanda, and new engagements in the West African Monetary Union, Egypt, Uganda and Morocco.

Social inequality is another pressing challenge in Africa. It is important to develop more inclusive climate finance and take better advantage of the power of diversity and women’s leadership to accelerate climate action. That is why we have recently committed to the new Women for Stronger Communities and Growth initiative to strengthen resilience to climate change and improve food security, as well as offering new opportunities for jobs and growth. We also invested €74.8 million in the Mirova Gigaton Fund, which qualified for the 2X Challenge, to generate and provide clean energy in emerging markets while improving the access of women and low-income households to energy by investing in solar home systems and off-grid and mini-grid systems. The impact of our action will definitely make a difference on the ground.