OeEB continued its successful path in 2018: On behalf of the Austrian Federal Ministry of Finance, it provided EUR 275.4 million in financing for private investments in developing countries. The overall portfolio reached EUR 1.19 billion at the end of the year.
Private sector as a key driver for sustainable development
"It is above all private companies that enable sustainable growth and economic development in developing countries and emerging markets," emphasize Sabine Gaber and Michael Wancata, members of OeEB's executive board.
In Bangladesh, for example, OeEB, together with international partners, provides a loan for the construction of a new sugar refinery. "Refining sugar in the country instead of importing granulated sugar boosts value creation in the country, generating local income and tax revenues. Moreover, liquid and invert sugar, for example used in the food and beverage industry, can be produced in the new plant for the first time," explains Gaber.
By using latest technologies, greenhouse gas emissions, waste and water consumption are significantly reduced. "The new refinery will set new standards for efficiency, productivity and environmental standards across the sector," says Wancata. "We are also very pleased that the construction of the new facility will create more than 700 direct and up to 1,000 indirect jobs in one of the world's poorest countries," adds Gaber.
Results at a glance
In the past financial year, OeEB generated a net profit of EUR 6.8 million (2017: EUR 6.7 million) and the operating result was EUR 9.9 million (2017: EUR 8.9 million). The total portfolio of loans and equity participations amounted to EUR 1.19 billion at the end of the year with new business of around EUR 275.4 million. In addition, OeEB provided around EUR 0.5 million from its own funds for measures to enhance the developmental effects of its projects.