European Investment Bank in Sh11tr climate financing

NAIROBI: Kenya could benefit from a new line of funding from the the European Investment Bank (EIB), the world’s largest lender for climate related projects. EIB announced it will increase the proportion of its lending in support of climate related investment in developing countries from 25 per cent to 35 per cent.

Speaking at a meeting of finance ministers and multilateral financial institutions at the IMF - World Bank annual meetings in Lima, EIB President Werner Hoyer confirmed that the lender will increase climate lending in countries identified by the United Nations Framework Convention on Climate Change (UNFCCC) and the Organisation for Economic Co-operation and Development (OECD) as being especially vulnerable to the adverse impacts of climate change.