According to an Austrian Development Bank (OeEB) March 2022 press release, the OeEB is strengthening its commitment towards achieving the Sustainable Development Goals number 1 “on poverty eradication” and number 13 “on climate action” in developing countries, including countries across Africa. This commitment is being strengthened through making available €222 million in new loans and investments on behalf of the Federal Ministry of Finance, with a focus on investments in renewable energy.
Combating climate change
“Improving access to clean, reliable and affordable energy that enables economic development and helps combat climate change is one of our core strategic goals. By cooperating with partners who are working towards the same goal, we can not only increase the efficiency but also the impact of our investments,” said Sabine Gaber, member of the OeEB Executive Board.
According to the statement, a significant percentage of these funds will be used to help African countries. Africa accounted for 30% of new business volume in 2021.
Improving access to finance for SMEs
“Improving access to finance for small and medium-sized businesses has been one of our main goals for many years. Especially now, with the climate crisis and the COVID-19 pandemic hitting SMEs particularly hard, this goal has become even more important. The cooperation with the European Investment Bank enables us to provide targeted support to the private sector and companies throughout Africa in order to continue to secure investments and jobs,” said Michael Wancata, Board Member.
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