The European Investment Bank (EIB) has launched the organisation’s new Nairobi Hub, in association with Kenya’s Finance Minister, Cabinet Secretary Ukur Kanacho Yatani. EIB President Werner Hoyer and Vice President Thomas Östros recently confirmed a €400-million investment to bolster the East African country’s private sector.

Ahead of the launch of the EIB’s strengthened presence in Africa President Hoyer joined the CEO’s of Co-Operative Bank, Trade and Development Bank and International Housing Solutions to announce transformational new financing to help the Kenyan private sector recover from COVID, strengthen investment in fragile regions across East Africa and construct affordable and energy efficient housing.

Hoyer said, “At the European Investment Bank we are committed to enhancing the impact of our sustainable investment around the world in close cooperation with our global partners and through an increased local presence of our technical, environmental and financing experts. The EIB’s new Nairobi Hub opened today marks a milestone in the EU Bank’s engagement in Kenya and builds on our 56 years of operations in Africa. In the coming weeks the EIB will launch a dedicated development branch that will further intensify the EIB’s contribution to addressing global and local investment challenges.”

Östros added: “The EIB’s new Nairobi Hub will open a new chapter for the bank’s cooperation with Kenyan, African, Team Europe and global partners. It will allow the EIB to better respond to private and public investment priorities and build on best-practice engagement with project partners. It is a pleasure to be in Nairobi for the first high-level EIB visit to Africa since the pandemic and join political, business, banking and civil society stakeholders for today’s formal launch.”

The European Union Ambassador to Kenya, H.E Henriette Geiger, noted: “We are honoured that the EIB has chosen Nairobi as the location for its regional hub. This is a testament to the growing importance of Nairobi as gateway to the East Africa region, and Kenya as a strategic partner to the European Union, through which we are engaging in different spheres, including trade and investment.”

Strengthening EIB engagement in Africa

According to information supplied by the EIB, the new Nairobi Hub will further enhance the impact of EIB technical and financial support for high-impact investment across East Africa. This will build on the EIB’s engagement in Kenya since the start of operations in 1976 and opening of the EIB’s East Africa representation in 2005.

The financial institution said in the coming months new Nairobi Hub will expand and increase its expertise on climate action, innovation and digital investment, in close cooperation with East Africa based partners.

In September the EIB’s shareholders, the 27 EU member states approved plans to strengthen its global development engagement and the EIB will launch a dedicated development branch in the beginning of 2022.