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European Investment Bank opens first Ethiopian office

Xinhua, July 17, 2015 Adjust font size:

The European Investment Bank (EIB), Europe's long-term lending institution, has formally opened the bank's first permanent representation in Ethiopia at a ceremony held on Thursday in the capital Addis Ababa.

The new office will lead engagement by the EIB, the world's largest international public bank, both to support long-term infrastructure and private sector investment in Ethiopia and to manage relations with the African Union Commission and other international organizations based in the capital of the East African country, according to a statement from the Union.

The ceremony for the opening of the bank's office in Addis Ababa came at the side event of the third International Conference on Financing for Development convened from July 13 to 16 in Addis Ababa.

Pim van Ballekom, European Investment Bank's Vice President responsible for sub-Saharan Africa, stated that EIB has a strong track record supporting crucial infrastructure investment across Africa and around the world.

"Our new home in Addis Ababa will help us to support crucial investment in water, energy and other key sectors, as well as backing private sector growth, essential for economic development in Ethiopia," said the vice president.

"This represents a historic step in strengthened engagement of the European Investment Bank in the country and has only been possible given the firms support of Ethiopian authorities and European Delegation colleagues," added the vice president.

The official opening was welcomed by Ahmed Shide, State Minister of Finance and Economic Development of Ethiopia, Erastus Mwencha, Deputy Chairperson of the AU Commission, and Ambassador Chantal Hebberecht, Head of the Delegation of the European Union to Ethiopia.

Ministers and Ambassadors from Africa and Europe, representatives of other international finance organizations and the business community were also present at the official opening ceremony.

Confirmation of a strengthened presence of the EIB, came a day after the announcement of 40 million Euros of new support for to improve clean water supply in 20 towns across Ethiopia by the bank on the sidelines of the Financing for Development Conference convened to prepare new Sustainable Development Goals.

The EIB also confirmed that Christophe Litt, will head the new office that will be based within the European Union Delegation to Ethiopia, according to the statement.

A qualified lawyer Christophe has many years of professional experience managing investment in new hospitals, microfinance and infrastructure projects in both Europe and the Middle East, said the statement.

The statement recalled that the EIB has supported investment in Ethiopia since 1976, and last year the European Investment Bank provided more than 2.5 billion Euros for investment across Africa. Endi