Nairobi, 26 November 2021 (TDI): European Investment Bank (EIB) has opened its first official hub in Nairobi, Kenya. European Investment Bank President Werner Hoyer and Vice President Thomas Östros formally launched the EIB regional hub in Nairobi, Kenya.
Kenyan officials and the European Union Officials were also present at the launch ceremony.
History was made today!
President of the European Investment Bank @EIB launched its first-ever official hub outside Europe, here in Nairobi. This stronger presence of the EU Bank will boost investment in East Africa and open great potential for economic development. #TeamEurope pic.twitter.com/I6Dsdw2YnJ— Henriette Geiger (@EUAmbKenya) November 25, 2021
Speaking at the launch ceremony, President of the European Investment Bank Werner Hoyer said, “EIB’s new cooperation with leading specialist housing partner ‘International Housing Solutions’ will scale up investment essential to tackle the chronic shortage of affordable housing in Nairobi and cities across Kenya.”
Furthermore, EIB President announced the 400 million Euros to strengthen investment in fragile regions, construct affordable and energy-efficient housing, and support the private sector to recover from Covid-19.
EIB support to Housing Sector in Kenya
The EIB new hub will open a new era of European Investment Bank cooperation with African, Kenyan, Team Europe and global partners. Furthermore, EIB officially agreed to support Kenya with 180 million Euros to ensure affordable housing in Kenya.
Besides, the International Housing Society will construct more than 8,200 new energy-efficient homes for low and middle-income families. The new homes will be environment friendly, with lower carbon footprints and lower water & electricity bills.
EIB support to Small and Medium Enterprises
EIB is baking 50 million Euros of new investment in Covid-19 affected businesses. It will be available to Small and Medium-sized Enterprises (SMEs) through a loan agreement with the European Investment Bank and Cooperative Bank.
Further, the EIB Nairobi hub will expand its innovation, climate change, and digital investment expertise. Likewise, EIB will make investments with close cooperation with its East African partners.
European Investment Bank and Kenyan Cooperation
European Investment Bank started working with Kenya in 1976, and in 2005, EIB inaugurated regional representation for East Africa in Nairobi. Likewise, EIB financing brought clean energy through different renewable energy projects. EIB supports a large number of small, medium, and micro-businesses in all sectors of Kenya.
Moreover, the European Investment Bank is the world’s largest public bank. New Nairobi Hub will have positive financial impact in Eastern Africa.
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