New EIB Funding for Entrepreneurs in East Africa
The European Investment Bank (EIB) has signed two new credit lines for East Africa, according to DEMO Africa, providing a total of 95m euro to support entrepreneurs and local projects in Kenya, Tanzania, DRC and Uganda. This new funding is meant to support poverty alleviation and job creation. In the past seven years, the EIB has provided 321m euro in credit lines for Kenyan businesses, benefitting nearly 800 Kenyan companies and creating over 9,000 new jobs in agriculture, education, transport, tourism, trade and other sectors. EIB Vice President Pim van Ballekom, who is responsible for operations in East Africa, said "The EIB is committed to supporting Kenyan Banks in providing credit to the young and growing population in the region. [This population has] enormous potential, you need credit to support that momentum".