The private sector can be an important driver for growth and rising prosperity in the Middle East and North Africa (MENA) if effective policies are put in place to address key challenges across the region, according to a report from three leading international development and financial institutions.
The EIB has agreed to support a new lending initiative by Bank of Kigali to back private sector investment across Rwanda. The EIB will provide EUR 28 million (RWF 24 billion) alongside EUR 28 million being provided by Bank of Kigali for the nationwide programme.
The Board of Directors of the EIB, representing the bank’s 28 EU member state shareholders, as well as the European Commission, today approved EUR 9.4 billion of new financing for 56 projects across Europe and around the world.
The EIB is lending EUR 40 million to Hungary’s Railway Company GySEV (Gyor-Sopron-Ebenfurti Vasut Zrt) to finance the purchase of new rolling stock and introduce safety improvements. This will help to provide higher quality railway services on the Austrian-Hungarian cross-border railway network along the strategic trans-European transport corridor.
The EIB is granting a EUR 50 million credit line to SID Banka –Slovenia’s national promotional and development bank – to finance smaller projects of municipalities and public enterprises as well as SMEs and midcap companies in the areas of infrastructure, energy efficiency and the environment. EIB funds will also support schemes in the fields of transport, integrated territorial development, innovation and skills, climate change and economic and social cohesion.
The EIB has agreed to provide EUR 180 million to support the creation and first operations of the new Hellenic Foundation for Research and Innovation (ELIDEK). This reflects the crucial need to harness Greek strengths in fundamental research and innovation and represents the first dedicated backing for fundamental research in Greece by Europe’s long-term lending institution.
The EIB is lending EUR 360 million to Romania to finance the national contribution to growth-oriented investments during the 2014-2020 EU programming period under Operational Programmes targeting competitiveness, human capital and large-scale infrastructure.