In its 2019-2023 strategy, OeEB has set itself ambitious goals: On average, a fifth of new business is to be implemented in Africa; a quarter in Least Developed Countries (LDCs). The first half of 2020 shows that OeEB is well on track to achieve these goals.
"80% of the African population has no access to formal financial services; two thirds of the people of Sub-Saharan Africa live without electricity. We aim to provide financing to help close these gaps. That is why Africa is a central focus within our strategy," said Michael Wancata, Member of the Executive Board OeEB.
EUR 57 million - more than 37% of new loans signed in 2020 - have been made available for projects in Africa. This means that OeEB is well on track to achieve its goal.
Strengthening the poorest countries
"It is now more important than ever to strengthen the private sector - especially in the poorest countries in the world. As a development bank, it is our main task to provide suitable financing that supports companies in coping with the Covid pandemic and maintaining jobs," said Sabine Gaber, Member of the Executive Board OeEB.
Providing funding to the least developed countries (LDCs) is another key goal of OeEB. In the five-year strategic period, an average of a quarter of new business is to be concluded in LDCs. "We are particularly pleased that in the first half of 2020, 22% of new loans went to LDCs," adds Wancata.
Climate change remains a key challenge
"Despite the current Covid crisis, the issue of climate protection must not be forgotten. Combating climate change is and remains one of the most central challenges. Our goal of investing an average of 40% of our new business in climate-related projects over the next five years has therefore lost none of its importance," said Gaber.
OeEB is also well on track to achieve this goal: EUR 63 million - around 41% of the loans signed in the first half of 2020 – went into climate-relevant projects.
