Multilateral financial institution the European Investment Bank (EIB) has inaugurated a hub in Pretoria, South Africa, aimed at boosting European investment in energy and infrastructure projects across Southern Africa.
In addition to the hub, the EIB unveiled a €400 million loan to South African banking institution FirstRand Bank to fund renewable energy and energy efficiency projects as part of the Just Energy Transition Partnership, a financing cooperation between western governments and South Africa to advance renewables deployment in the African country.
The EIB also unveiled a €100 million loan to the Development Bank of Southern Africa to expand the Embedded Generation Investment Program, aimed at accelerating solar and wind energy deployment by independent power producers in South Africa.
Ambroise Fayolle, EIB’s Vice-President said the hub brings us closer to our partners in the region, adding “Our financing aims to respond to our partners’ most pressing needs in both the public and private sectors.”
The Pretoria hub complements the EIB’s three existing African regional offices in Nairobi (East Africa), Abidjan (West and Central Africa) and Cairo (North Africa and the Middle East).
