Entrepreneurs and businesses most impacted by economic, health and social challenges triggered by COVID-19 will be able to benefit from a new EUR 100 million private sector financing initiative backed by (OeEB), the Development Bank of Austria, and the European Investment Bank.
The programme will enhance access to long-term financing across sub-Saharan Africa, help to create thousands of jobs and accelerate sustainable development and poverty reduction. The first joint business financing supported by the two institutions will provide both direct loans to companies in Africa and financing managed by local banks.
“This first cooperation between the Development Bank of Austria and the European Investment Bank will provide timely support for private sector investment across Africa and strengthen sustainable development during challenging times. The project is an example of how European and national institutions can work together efficiently to achieve development goals in Africa, to address the consequences of the pandemic and to create thousands of jobs. Economic development in the African continent also helps Austrian exports in the long term.” said Gernot Blümel, Federal Minister of Finance of the Republic of Austria and Governor of the European Investment Bank.