The European Investment Bank (EIB) announced significant new commitments to drive sustainable development and economic inclusion across Africa at the 2024 Africa Investment Forum (AIF) held in Rabat, Morocco from 4 to 6 December. With €21 billion invested over the past five years, including €8.9 billion in private sector financing, the EIB is reaffirming its position as a trusted, long-term partner for the continent.
$80 million for resilient and job-creating infrastructure
The EIB has committed $80 million to the Pembani Remgro Infrastructure Fund II (PRIF II), its largest-ever investment in an African fund. PRIF II focuses on transformative infrastructure projects – including renewable energy, digital infrastructure and transportation – that advance climate action and sustainable development across sub-Saharan Africa.
This investment supports the EU Global Gateway strategy, which aims to mobilise €300 billion for global infrastructure, with half dedicated to Africa by 2027. By leveraging EIB participation, the fund manager has exceeded its target size, reaching $355 million in total commitments, enhancing its capacity to deliver on the ground.
Driving entrepreneurship and innovation with Seedstars Africa Ventures
The EIB and the African Development Bank (AfDB) have jointly invested in Seedstars Africa Ventures Fund I, a $30 million initiative to provide risk capital to African startups. This fund, supported by the Boost Africa programme, promotes digitalisation and innovation while prioritising gender inclusion and entrepreneurship.
By leveraging expertise from Seedstars, a global technology hub network, and LBO France, a leading European private equity firm, the fund addresses a critical financing gap in Africa’s startup ecosystem.
A renewed climate and social commitment
As the EU climate bank, the EIB dedicates over 50% of its financing in Africa to projects tackling climate and environmental challenges. Projects such as the Noor Ouarzazate solar plant in Morocco and the Lake Turkana wind farm in Kenya exemplify the EU bank’s dedication to supporting Africa’s green transition while giving priority to projects that empower women, young entrepreneurs and vulnerable communities.
EIB support for the Africa Investment Forum
As a founding partner of the AIF since 2018, the EIB remains committed to mobilising capital in Africa, thereby reinforcing its role as a strategic partner for the continent’s sustainable future.
EIB Vice-President Ambroise Fayolle said: “Our investments in Pembani Remgro Infrastructure Fund II and Seedstars Africa Ventures reflect the EIB’s strong commitment to Africa. Through the Global Gateway and EIB Global, we align our efforts with Africa’s development priorities, addressing critical needs in infrastructure, innovation and climate action.”
