The EU’s European Investment Bank (EIB) plans to spend €4bn in Africa this year on infrastructure and social programmes.
That figure is €1bn more than the EIB provided in 2019.
"Africa is a key priority for the European Union and the European Investment Bank," said the bank’s president Werner Hoyer, adding the bank was "committed to working with African partners to accelerate and expand new investment that delivers sustainable development, tackles the climate emergency, creates jobs and improves lives across Africa."
EIB said the money would go toward schools, hospitals, sustainable development, communications, clean water and clean energy.
Working with UN Habitat, the EIB is funding work to improve water infrastructure around Lake Victoria.
Last year the EIB agreed new support to provide telecommunications coverage in rural West Africa.
Other projects include off-grid solar in Mozambique and Malawi, protecting coastal roads in Sao Tome, and securing clean water for 2.2 million people in Madagascar following typhoons.
The EIB also agreed to help to pave the Mano River Union Road that crosses Liberia and CÃ´te d’Ivoire. That is expected to reduce seasonal closures after heavy rain, and boost trade and mobility in the region.
Image: The EIB’s headquarters in Luxembourg (EIB)