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European Investment Bank to announce largest private financing program in Ethiopia

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The European Investment Bank (EIB) is to announce a new multi-billion Ethiopian birr private enterprise financing program in Ethiopia, reports said on Tuesday.According to a statement issued by the Bank, Vice President of the European Investment Bank Pim van Ballekom who will be paying a two day official visit to Ethiopia this week will announce the financing program.

The largest ever financing program will be announced in the presence of Dr. Abraham Tekeste, Ethiopia’s Minister of Finance and Economic Cooperation, Getahun Nana, President of the Development Bank of Ethiopia, Ambassador Chantal Hebberecht, Head of the European Union Delegation to Ethiopia and Eric Brintet, Acting Manager for Ethiopia at the World Bank.

During the visit, the EIB delegation will discuss ongoing activity and future investment with Prime Minister Hailemariam Desalegn and Minister of Finance and Economic Cooperation, Dr. Abraham Tekeste, as well as meet business leaders.

The bank’s delegation will also hold discussions with the African Union Commission (AUC).

EIB has operated in Ethiopia since 1976 and provided more than €400 million to support long-term investment in energy, communications and water infrastructure, as well as private sector investment.

It is the world’s largest international public bank, owned directly by the 28 European Union (EU) member states. Over the last five years the European Investment Bank has provided more than €22 billion for investment in Africa.

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