On 25 June 2010, Oesterreichische Entwicklungsbank (OeEB – Development Bank of Austria) and the Emerging Africa Infrastructure Fund Ltd. (EAIF) signed a loan agreement to the amount of EUR 10 million.
At the same time also the International Finance Corporation (IFC) and the African Development Bank (AfDB) provide loans to EAIF with the effect of increasing the fund size to USD 600 million.
The Fund will serve to close the existing gap in infrastructure finance in Sub-Saharan African countries, which has further increased during the financial crisis. The cooperation with EAIF provides an excellent opportunity to target projects in “Least Developed Countries” (LDCs) and assist in closing the financing gap. By supporting infrastructure projects in these countries, OeEB will support the creation of new jobs and facilitate an improved access to infrastructure services.
The Emerging Africa Infrastructure Fund Ltd.
EAIF was established in 2002 and sets its focus on the financing of infrastructure projects in Sub-Sahara Africa. The fund is owned by the “Private Infrastructure Development Group” (PIDG), which consists of contributing donors, namely Great Britain, Switzerland, Sweden, Ireland, Germany, Austria (Austrian Development Agency, ADA) and the International Finance Corporation (IFC).