Luanda — The European Investment Bank (EIB) is pledging more than 2 billion euros ($2.3 billion) of financing for renewable energy projects on the African continent over the next two years.
The projects will include hydroelectric, solar and wind power plants, as well as the expansion and upgrading of transmission and distribution facilities, the bank said in a statement.
They will be backed by guarantees from the European Commission.
EIB Vice President Ambroise Fayolle is expected to provide more detail about the pledge at a European Union-African Union summit in Angola’s capital Luanda later on Monday.
($1 = 0.8674 euros)
*Miguel Gomes; editing: Alexander Winning – Reuters
