In December 2020, OeEB provided EUR 30 million for the expansion of the European Financing Partners (EFP) framework facility, including the establishment of a COVID-19 Emergency Financing Initiative (EFP COVID-19 window).
|Project name||European Financing Partners|
|Sector||Financial Sector / Microfinance / SME|
|Project volume||EUR 30 million|
|Project partner(s)||EDFI, EIB|
EFP is a co-financing vehicle founded in 2003 by the European Development Finance Institutions (EDFIs) and the European Investment Bank (EIB) to promote sustainable private sector development in developing countries according to the OECD DAC list and to strengthen cooperation between European development financiers. The projects financed through EFP contribute to the creation or safeguarding of jobs, infrastructure, financial inclusion and poverty reduction primarily in African, Caribbean and Pacific developing countries as well as to ensuring better access to bridging loans against the background of the strained by the COVID-19 pandemic economic situation.
OeEB first became a member of EFP-II in 2008, and later also of EFP III and EFP-V. In December 2020, OeEB provided EUR 30 million under EFP-VI as part of an increase in the EFP Framework Facility and the establishment of a COVID-19 Emergency Financing Initiative.
Similar to its sister facility, the Interact Climate Change Facility (ICCF), EFP is operationally characterized by an efficient and fast approval process, while at the same time reducing the risk for the individual financing partners and thus enabling the implementation of sometimes complex financing projects in challenging country contexts. Since the facility was set up, a total of around 40 projects worth over EUR 600 million have been completed - including, for example, telecom projects in the Democratic Republic of Congo and Nigeria and long-term credit lines for financial institutions to expand their SME portfolios in Ghana and Ecuador.