European Investment Bank (EIB) invests over EUR92 million in Zambia

THE European Investment Bank (EIB) has invested over EUR92 million in Zambia meant to assist the country with the energy challenges and development of small and medium businesses, among other things.

This is contained in the Bank’s annual report presented to Zambia’s High Commissioner to South Africa, His Excellency Mr. Emmanuel Mwamba by the Head of Regional Representation, Carmelo Cocuzza in Pretoria yesterday.

In its 2015 annual report, the records show that the Bank supported ZESCO with a loan of EUR78 million for its power transmission and distribution network project. EIB also supported small and medium enterprises with finance facilities in Zambia through a EUR14 million line of credit managed by First National Bank- Zambia.

EIB supported projects worth over EUR1 billion that catalyse and promote sustainable growth in Africa, the Caribbean and the Pacific.

In these regions the EIB has invested over EUR1 billion in cross sector projects such as power, or large scale water projects.

The Bank invests in projects that meet stringent criteria in terms of bankability, sustainability, environmental and projects that have the largest social impact and potential to create jobs and reduce poverty.

The EIB is the largest multilateral borrower and lender in the world and is active in 160 countries including Zambia.