The European Investment Bank (EIB) has created a lending initiative called, ‘SheInvest’, to assist women entrepreneurs in Nigeria and across Africa in order to develop business skills to improve their capacity.
According to the EIB Vice President, Ambroise Fayolle, the lending initiative, which is gender-specific is $1.1 billion large, will allow women to play more active and vital roles in the growth and development of economies. He also disclosed that the EIB had signed three other agreements to encourage sustainable development in Africa.
“This initiative aims to promote female entrepreneurship,” said Fayolle said.
Fayolle disclosed that the lending initiative would promote gender-related climate change investments and in reference to the European border engagement program, the EIB target is to improve support for higher female economic participation in Nigeria and other African countries.
The European Investment Bank is a subsidiary of the European Union which lends. The EIB has a history of supporting African countries with investment and has been doing so for over 50 years. In 2018, the EIB provided investment support to the tune of €3.3 billion, most of which went to the private sector.
The EIB has reportedly agreed a partnership deal with a Guinea-based company for usage of cleaner power sources in its processes. Also, the EIB created a new lending initiative in partnership with a Malawian bank to finance entrepreneur across Malawi.
“The move to renewable sources of energy such as solar power will help the company reduce its carbon footprint. Habbal estimates that thousands of jobs will be created as a result of this deal,” Vice President and Chief Operating Officer Guinea-based firm, Mohamed Al Habbal, said.
“The money will help the bank enhance its long-term credit to small businesses owned by women. The agreement comes with technical assistance which will help the bank enhance its trade financing,” Senior Manager at Malawi’s FDH Bank, Patricia Hamisi, said.