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The Four new financial guarantees, signed under the EU External Investment Plan will help unlock 2 billion euros to invest in renewables, urban infrastructure and start-ups in Africa and the Neighbourhood.
The guarantees were signed with the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the German KfW Group and the Spanish development cooperation agency, Agencia Española de Cooperación Internacional para el Desarrollo (AECID), at the 4th Strategic Board meeting of the External Investment Plan (EIP).
These guarantees will significantly boost investment in renewable energy and increase access to finance for small businesses (MSMEs), while also improving investment in urban infrastructure and services in Sub-Saharan Africa and in the EU Neighbourhood:
· Resilient City Development (RECIDE)
· Boosting Investment in Renewable Energy
· Supporting Investment in Sustainable Energy
· SME Access to Finance
This 20 million euro guarantee agreement with EIB is targeting SMEs in the EU Neighbourhood, with a particular focus on young entrepreneurs, women entrepreneurs and start-ups. It will provide affordable funding to small businesses, with less access to finance because local financial institutions consider them as riskier clients. The guarantee is providing local banks and financial institutions a first loss credit protection. This guarantee will sustain around 18,000 jobs and support 1,000 small businesses.
These guarantees are part of the External Investment Plan, which aims to mobilize more than 47 billion euro by 2020 in public and private investment for development in countries neighbouring the EU and in Africa using 4.6 billion euro in EU funds.
