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27 Sep 2016

European Investment Bank

Ethiopia: European Investment Bank announces USD500 million investment in job-creation for refugees

"EIB President pledges support for “Jobs Compact“ in Ethiopia tackling migration and refugee challenge", 21 Sep 2016

...EIB President Werner Hoyer today announced the EIB has agreed with the Ethiopian Government as well as European and international development partners to work together to prepare financing to support a programme of investment in Ethiopia  aimed at helping thousands of refugees into work. It is linked to the granting of employment rights and opportunities for refugees by the Ethiopian government.

The USD 500 million package of investments would build two industrial parks –creating the jobs needed to make the granting of these employment rights a success. Under the initiative, it is envisaged that the EIB could itself provide around USD 200 million of the total USD 500 million needed in loans to the Ethiopian Government alongside USD 50 million of EU grants. The World Bank Group, the British Government and possibly other EU Member States would provide the rest of the financing...