European Investment Bank opens office in Ethiopia

The European Investment Bank (EIB)  has opened an office in Ethiopia, a statement said on Thursday.

Pim van Ballekom, Vice President for Sub-Saharan Africa at the EU member state-owned EIB, said the office would also manage relations with the AU Commission and other international organisations based in Addis Ababa.

The Ethiopian economy is expected to grow by 10 per cent this year and the capital hosts the African Union headquarters and some regional U.N. offices.

The bank will lend to water, energy and other state-run projects, as well as to the private sector in a country whose 96 million people mostly rely on agriculture.

Ethiopia is trying to expand its modest industrial base and had been investing heavily in new roads, railways and hydro-electric power plants to draw in investors.

But foreigners are banned from owning telecoms, banking and retail companies.

Other banking institutions with representative offices in Addis Ababa include Standard Bank of South Africa, Germany’s Commerzbank, pan-African lender Ecobank, Export-Import Bank of India, National Bank of Egypt and Bank of Africa.
(NAN)