- The EIB has approved $95m for geothermal project financing in the East Africa Rift Valley region.
- The financing will help diversify the clean energy baseload and reduce fossil fuel dependency.
- The Bank also approved financing for increase clean energy access in schools and hospitals across Africa.
The European Investment Bank (EIB) has approved $4.9 billion for several sectors including, clean energy, clean transport, COVID-19 recovery, social housing and education.
About $95 million will go towards private sector financing to develop geothermal power generation projects in different countries in the East African Rift region. Private developers in Burundi, Comoros, Djibouti, Eritrea, Ethiopia, Kenya, Madagascar, Malawi, Mauritius, Mayotte, Mozambique, Reunion, Rwanda, Seychelles, Somalia, South Sudan, Tanzania, and Uganda are eligible for funding.
Under the proposed financing envelope, the EIB can provide financing to geothermal power project developers in the region. Eligible projects will include greenfield development and brownfield expansions with proven geothermal resources.
These investments in geothermal energy will help diversify the baseload renewable energy supply in the region, reducing greenhouse gas (GHG) emissions and support the sustainable economic development of the East African Rift countries.
The Bank board also approved financing and technical support to increase sustainable energy supply and improve energy efficiency in schools, hospitals and businesses across Africa.
Werner Hoyer, President of the European Investment Bank, said: “The projects approved highlight the EIB’s engagement across Europe and around the world to unlock private and public investment that addresses local priorities and global challenges.”