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☆ Defense spending must not detract from climate-driven initiatives, says EIB's Calviño
▼ + stars: | 2024-04-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDefense spending must not detract from climate-driven initiatives, says EIB's CalviñoNadia Calviño, president of the European Investment Bank, discusses her mandate for the organization and explains how the bank plans to support European security and defense.

Persons: EIB's, Nadia Calviño Organizations: Email Defense, European Investment Bank

☆ There will be a lot of investment needed for the reconstruction of Ukraine, says EIB President
▼ + stars: | 2024-01-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere will be a lot of investment needed for the reconstruction of Ukraine, says EIB PresidentNadia Calviño, president of the EIB, discusses European investment and the region's role in the global economy.

Persons: Nadia Calviño Locations: Ukraine

☆ Spanish economist picked to lead the EU's massive lending unit lays out her priorities
▼ + stars: | 2023-12-11 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Nadia Calviño, Spain's finance minister and deputy prime minister, was appointed head of the European Investment Bank Friday — in what has been touted as a boost for Spanish influence within the European Union. Known as the EU's lending arm it approved some 75.86 billion euros ($81.6 billion) in new projects in 2022. "We also have a European Union with 27 member states, and it is a complex construction. Calviño said that Spain had launched a "massive" investment program using funds from the NextGenerationEU pandemic recovery instrument. So I do think there is a chance for us to crowd in private investment if we do things right," she said.

Persons: Nadia Calviño, Calviño, CNBC's Organizations: European Investment Bank, European Union Locations: Ukraine, Union, Spain

☆ SocGen issues 10-mln-euro digital green bond on a public blockchain
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

A logo of French bank Societe Generale is seen on the company's skyscraper at the financial and business district of La Defense near Paris, France September 14, 2023. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsPARIS, Dec 4 (Reuters) - Societe Generale , France's third-biggest listed bank, said on Monday it issued its first so-called digital green bond on a public blockchain, as the lender seeks to build expertise in crypto services. AXA IM made the investment in the digital green bond by acquiring and then spending 5 million euros worth of SocGen's euro-denominated stablecoin, EUR CoinVertible (EURCV). SocGen's bond issuance, made on the Ethereum public blockchain, follows the launch last week by the European Investment Bank (EIB) of its second euro-denominated digital bond on a private blockchain, in partnership with Goldman Sachs Bank Europe, Santander and SocGen. SocGen's digital green bond issuance was made via its crypto unit, Forge.

Persons: Gonzalo Fuentes, Generali, SocGen, Blockchain, Mathieu Rosemain, Bernadette Baum Organizations: Societe Generale, La Defense, REUTERS, Rights, AXA Investment, AXA, Generali Investments, European Investment Bank, Goldman Sachs Bank Europe, SocGen, Thomson Locations: La, Paris, France, Santander

☆ Exclusive: World's top MDBs to launch debt-for-nature swap 'task force' - sources
▼ + stars: | 2023-11-30 | by ( Marc Jones | ) www.reuters.com time to read: +4 min

The task force creation is the most significant step so far in showing that the global club of multilateral lenders, which between them have trillions of dollars worth of firepower, will significantly ramp up their support for these deals. Four sources involved in the plans, which are expected to be announced at the COP summit's 'finance day' on Monday, say the group will formally be called the "Task Force on Sustainability-linked Sovereign Financing for Nature and Climate". It will initially be chaired by the Inter-American Development Bank (IDB) and U.S. government's Development Finance Institution (DFC), said three of the sources with direct knowledge of the matter. Both lenders have been involved in all the recent swaps which have also included Barbados and Gabon. At their simplest, the swaps work by buying up a country's bonds, often at a discount, and then replacing them with cheaper eco-labelled ones that come with the special MDB guarantees.

Persons: Chico Mendes, Amanda Perobelli, MDBs, Marc Jones, Christina Fincher Organizations: Chico, Chico Mendes Institute for Biodiversity Conservation, Institute for, Environment, Resources, REUTERS, Reuters, Force, Sustainability, Nature, Inter, American Development Bank, government's Development Finance, World Bank, European Investment Bank, Development Bank, Asian Development Bank, ADB, Infrastructure Development Bank, Reuters Graphics, Conservancy, Thomson Locations: Pocone, Mato Grosso, Brazil, Belize, Barbados, Gabon, Beijing, U.S, Sri Lanka, Zambia, Kenya, Tanzania, Colombia, Ecuador

SummaryCompanies European Investment Bank poll of 30,000 people globally60% of EU citizens back paying compensationU.S. support at 63%, China at 74%, Japan at 72%SINGAPORE, Nov 27 (Reuters) - Citizens in Europe, the United States, China and Japan believe their countries should compensate poorer nations to help address the impact of climate change, a European Investment Bank poll of more than 30,000 people shared with Reuters showed. The fifth annual climate survey conducted by the bank revealed a broad global consensus to fund the fight against climate change, even if it means higher taxes and the elimination of fossil fuel subsidies. "The latest EIB Climate Survey underlines people's profound awareness of climate change and their commitment to tackle it head on," said EIB Vice-President Ambroise Fayolle. [1/2]Children are seen during climate march prior to the opening session of the COP23 UN Climate Change Conference 2017 in Bonn, Germany, November 6, 2017. Respondents from around the world ranked climate change as one of the world's three biggest challenges, along with the rising cost of living and income equality.

Persons: Ambroise Fayolle, Fayolle, Wolfgang Rattay, Simon Jessop, Franklin Paul Organizations: European Investment Bank, Reuters, REUTERS, European Union, United, Franklin Paul Our, Thomson Locations: China, Japan, SINGAPORE, Europe, United States, Bonn, Germany, Dubai, COP28, India

ROME, Nov 21 (Reuters) - Italy is considering candidates to take the helm of state lender Cassa Depositi e Prestiti (CDP), three sources close to the matter told Reuters, as part of a wider shake-up of state-controlled companies. State-backed investor CDP, founded 173 years ago, plays a key role in keeping strategic assets in national hands. Asked to comment on a change of CEO at CDP, Meloni's office said any rumours of a replacement for Scannapieco were unfounded. Rome is expected to decide on the top management of CDP in March at the latest, immediately after the approval of this year's CDP financial accounts, the sources said. The state lender invests savings made by Italians through the national post office network Poste Italiane.

Persons: Dario Scannapieco, Fincantieri, Giorgia, Scannapieco, Antonino Turicchi, Stefano Donnarumma, Mario Draghi, Elvira Pollina, Susan Fenton Organizations: Eni, ITA Airways, European Investment Bank, Telecom Italia's, Thomson Locations: Italy, State, Rome, EU, Milan

☆ Spanish Prime Minister Pedro Sanchez's new cabinet
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +6 min

Spain's Prime Minister Pedro Sanchez takes the oath of office during a ceremony at Zarzuela Palace in Madrid, Spain November 17, 2023. Andres Ballesteros/Pool via REUTERS Acquire Licensing RightsNov 20 (Reuters) - Spanish Prime Minister Pedro Sanchez on Monday announced his new cabinet, keeping the same number of 22 ministers, 12 women and 10 men, despite reshuffling some of their portfolios. SOCIALIST MINISTERS:NADIA CALVINO - ECONOMYCalvino remains as Sanchez's first deputy prime minister and top economic expert. FELIX BOLANOS - JUSTICEBolanos saw his profile boosted by heightened media exposure while acting as Sanchez's de facto cabinet chief. SIRA REGO - CHILDREN AND YOUTHThe second-in-command and main spokesperson for the United Left, she became an MEP in 2019.

Persons: Pedro Sanchez, Andres Ballesteros, NADIA CALVINO, Calvino, Sanchez's, TERESA RIBERA, Ribera, MARIA JESUS MONTERO, Sanchez, Montero, FELIX BOLANOS, JUSTICE Bolanos, JOSE MANUEL ALBARES, Arancha Gonzalez Laya, MARGARITA ROBLES, Robles, FERNANDO GRANDE, Miquel Iceta, PILAR ALEGRIA, Alegria, Isabel Rodriguez, ISABEL RODRIGUEZ, Rodriguez, JOSE LUIS ESCRIVA, DIANA MORANT, LUIS PLANAS, Puente, Alberto Nunez Feijoo, JORDI HEREU, Hereu, Hector Gomez, ANGEL VICTOR TORRES, Torres, ELMA SAIZ, Escriva, Redondo, Podemos party's Irene Montero, SUMAR, YOLANDA DIAZ, LABOUR Diaz, Sumar, MONICA GARCIA, Garcia, Isabel Diez Ayuso, ERNEST URTASUN, PABLO BUSTINDUY, Bustinduy, Alberto Garzon, Ione Belarra, SIRA REGO, David Latona, Aislinn Laing, Grant McCool Organizations: Spain's, REUTERS Acquire, Spanish, Monday, European Investment Bank, JUSTICE, High, Culture, Social Security, Universities, Democratic, Socialist, ANA REDONDO, LABOUR, Mas Madrid, Greens, European Free Alliance, Consumer Affairs, United Left, Thomson Locations: Zarzuela, Madrid, Spain, Dubai, France, Morocco, Ukraine, Melilla, Gandia, Valladolid, Barcelona, Canary, Bolanos, Pamplona, Navarre, Mas, Podemos, Gaza, SIRA, Israel

☆ Germany's Scholz backs Spain's Calvino for EIB presidency
▼ + stars: | 2023-11-11 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Susana Vera/ File Photo Acquire Licensing RightsFRANKFURT, Nov 11 (Reuters) - German Chancellor Olaf Scholz on Saturday backed the candidacy of Spanish acting Economy Minister Nadia Calvino for the post of president of the European Investment Bank (EIB). "I think she will be a very good president of the EIB," Scholz said in an address to a weekend congress of the Party of European Socialists (PES) in Malaga, Spain. He added that they had worked well together in the past when they headed their respective countries' finance ministries. The EIB is currently led by German Liberal Democratic Party (FDP) politician Werner Hoyer. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Nadia Calvino, Susana Vera, Olaf Scholz, Scholz, Werner Hoyer, Andreas Rinke, Vera Eckert, Kirsten Donovan Organizations: Monetary, Financial, International Monetary Fund, World Bank, REUTERS, Rights, Saturday, European Investment Bank, Party of European Socialists, European Union, Berlin, German Liberal Democratic Party, Thomson, Reuters Locations: Marrakech, Morocco, Malaga, Spain, Germany, France

☆ EIB's Hoyer: Reviewing business in Israel and Palestinian territories
▼ + stars: | 2023-10-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEIB's Hoyer: Reviewing business in Israel and Palestinian territoriesWerner Hoyer, president of the EIB, discusses the impact the conflict in the Middle East is having on the organization's operations.

Persons: EIB's Hoyer, Werner Hoyer Locations: Israel

☆ No decision on European Investment Bank presidency expected this week, German finance minister says
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

German Finance Minister Christian Lindner speaks during a plenum session of the lower house of parliament, Bundestag, to present the 2024 budget and financial planning of the Federal Government, in Berlin, Germany September 5, 2023. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsSANTIAGO DE COMPOSTELA, Sept 15 (Reuters) - German Finance Minister Christian Lindner said at the informal EU finance ministers meeting on Friday that a decision is not expected this week on who will become European Investment Bank (EIB) president. "There are several well-qualified candidates, for example our host today, Nadia Calvino," Lindner said before the meeting of euro zone finance ministers. Lindner said the German government hasn't made a decision yet on which candidate to back, "but we have a clear picture of how the EIB should develop." Lindner said the bank should keep its AAA rating: "Sound banking is essential for us."

Persons: Christian Lindner, Annegret, Nadia Calvino, " Lindner, Lindner, hasn't, Maria Martinez, Miranda Murray Organizations: Bundestag, Federal Government, REUTERS, SANTIAGO DE, German Finance, European Investment Bank, AAA, Thomson Locations: Berlin, Germany, SANTIAGO, SANTIAGO DE COMPOSTELA

The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Also interested are the politically non-affiliated Italian central banker Daniele Franco, Poland's right-wing former Finance Minister and current EIB Vice President Teresa Czerwinska, and Sweden's socialist former Energy Minister and also current EIB Vice President Thomas Ostros. "We can say we are really spoilt for choice because all the candidates are excellent," German Finance Minister Christian Lindner told reporters on Thursday. The EIB is the lending arm of the EU and is active in 160 countries offering loans, guarantees, equity investments and advisory services. Germany's Deputy Central Bank Governor Claudia Buch and her Spanish counterpart Margarita Delgado are both in the running.

Persons: Eric Vidal, Vincent van Peteghem, Germany's Werner Hoyer, Margrethe Vestager, Nadia Calvino, Daniele Franco, Poland's, Teresa Czerwinska, Thomas Ostros, Christian Lindner, Central Bank Governor Claudia Buch, Margarita Delgado, Buch, Vestager, Emmanuel Macron, Richard Chang Organizations: European Investment Bank, Reuters, Rights, Belgian, Union, European Commission, Finance, Energy, European Central Bank, Germany's, Central Bank Governor, SSM, Thomson Locations: Luxembourg, Rights BRUSSELS, Italian, Spanish, EU, Paris, Spain

☆ New boss will be EIB’s chance to stay relevant
▼ + stars: | 2023-09-07 | by ( Rebecca Christie | ) www.reuters.com time to read: +5 min

Flags are seen behind the logo of the European Investment Bank in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal Acquire Licensing RightsBRUSSELS, Sept 7 (Reuters Breakingviews) - The European Investment Bank has a chance to remake itself when it gains a new leader next year. The EIB has been making infrastructure loans since 1958, and now channels some 65 billion euros in annual financing to the economy. To do that, the next EIB chief will need to let the bank shoulder more risk, as suggested by Vestager on Thursday. By comparison, the World Bank has $240 billion loans outstanding.

Persons: Eric Vidal, Werner Hoyer, Nadia Calviño, Denmark’s Margrethe Vestager, Daniele Franco, Teresa Czerwińska, Thomas Östros, Vestager, Margrethe Vestager, Spain’s Nadia Calviño, Poland’s Teresa Czerwińska, Italy’s Daniele Franco, Sweden’s Thomas Östros, Denmark’s Vestager, Neil Unmack, Streisand Neto Organizations: European Investment Bank, Reuters, Rights, Spanish, World Bank, AAA, European Union, Financial Times, European Investment, Union, Thomson Locations: Luxembourg, Rights BRUSSELS, Italian, Europe, Ukraine, France, Spain

☆ Top EU official warns West needs to act to avoid losing developing world's trust
▼ + stars: | 2023-08-23 | by ( Marc Jones | ) www.reuters.com time to read: +3 min

[1/2] South African delegates sit behind a glass with BRICS logo as the BRICS summit is held in Johannesburg, South Africa August 23, 2023. Headquartered in Shanghai, the New Development Bank was established in 2015 by BRICS members. "It's symptomatic of something that Europe and Western institutions must confront urgently," Hoyer said of the bank's rise in importance. "Unless we offer genuine partnership and more convincing ways to address the challenges of the Global South whether it is in the energy transition, the issue of indebtedness or tackling glaring health inequality - we are heading for trouble." ($1 = 0.9252 euros)Reporting by Marc Jones Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Alet Pretorius, Werner Hoyer, Hoyer, Marc Jones, Tomasz Janowski Organizations: REUTERS, Investment, New Development Bank, Reuters, EU, West, United Nations, United Arab, Thomson Locations: Johannesburg, South Africa, China, Russia, Africa, EIB, Brazil, India, Ukraine, Shanghai, Bangladesh, United Arab Emirates, Egypt, Algeria, Argentina, Ethiopia, Honduras, Iran, Morocco, Saudi Arabia, Uruguay, Zimbabwe, Europe, Western

☆ Italy to propose ex-minister Franco for ECB board, source says
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +2 min

Italy's Economy Minister Daniele Franco addresses a news conference after the G7 Summit in Koenigswinter, near Bonn, Germany May 20, 2022. REUTERS/Benjamin Westhoff/File photo Acquire Licensing RightsROME, Aug 20 (Reuters) - Italy will put forward former economy minister Daniele Franco as its candidate for the executive board of the European Central Bank (ECB), a source close to the matter said on Sunday. He was appointed economy minister in 2021 in Mario Draghi's unity government, helping Italy navigate the COVID-19 crisis and the turbulence caused by Russia's invasion of Ukraine. However, in a surprise move, Economy Minister Giancarlo Giorgetti decided instead to propose his predecessor, a source close to the matter told Reuters, confirming a report in Il Sole 24 Ore newspaper. The government had initially put Franco forward as the Italian candidate to lead the European Union's lending arm, the European Investment Bank (EIB).

Persons: Daniele Franco, Benjamin Westhoff, Fabio Panetta, Franco, Mario Draghi's, Piero Cipollone, Giancarlo Giorgetti, Giorgia Meloni, Crispian Balmer, Giuseppe Fonte, Christina Fincher, David Holmes Organizations: REUTERS, Rights, European Central Bank, ECB, Bank of Italy, European Investment Bank, Reuters, Thomson Locations: Koenigswinter, Bonn, Germany, Italy, Ukraine, France, Rome, Italian, Franco

☆ Ukraine's wounded grain giant weathers war with Danube exports
▼ + stars: | 2023-07-07 | by ( Tom Balmforth | ) www.reuters.com time to read: +4 min

He added that Nibulon never had faith in the Black Sea grain deal and was surprised it had been agreed in the first place. That share has risen to 70%-80% versus the volumes it ships across the Black Sea under the grain deal. He acknowledged that the Danube route where infrastructure is less developed is more expensive than the Black Sea. "We decided to have a more expensive logistics route, but more secure route." If the Black Sea deal ends on July 17, Nibulon would benefit in the short term, he said.

Persons: Son, KYIV, Oleksiy Vadaturskiy, Andriy, Vadaturskiy, Nibulon, It's, Tom Balmforth, David Evans Organizations: Black, Reuters, European Bank for Reconstruction, IFC, Thomson Locations: Russian, Kyiv ., Russia, Mykolaiv, Dnipro, Ukraine

☆ EU's lending arm to explore climate emergency repayment pause clauses
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

"The EIB is exploring ways to scale up climate finance," it said in a statement on Friday at an international summit being held in Paris. EIB Global, the arm of the bank that lends outside the EU, invests around 10 billion euros ($10.87 billion) a year. It is estimated that roughly half of that money goes to countries that could be eligble for the new clauses. "We know that more climate disasters are coming," Maria Shaw-Barragan, a Director of Lending the bank told Reuters. "So it makes sense for the MDBs, and bilateral lenders, to include these clauses in order to give countries some breathing space."

Persons: Maria Shaw, Barragan, Marc Jones, Mark Heinrich, Louise Heavens Organizations: European Investment, LONDON, European Investment Bank, World Bank, EIB, Reuters, Thomson Locations: Paris

☆ Ukraine is well on the way to becoming part of the EU, EIB president says
▼ + stars: | 2023-04-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUkraine is well on the way to becoming part of the EU, EIB president saysWerner Hoyer, president of the European Investment Bank, said Ukraine is likely to be a "very successful" member of the European Union soon.

☆ EU's EIB to break 4-year Turkey lending ban with earthquake aid
▼ + stars: | 2023-03-20 | by ( Marc Jones | ) www.reuters.com time to read: +2 min

LONDON, March 20 (Reuters) - The European Union's lending arm, the European Investment Bank, is to provide 500 million euros ($540 mln) for Turkey's post-earthquake rebuilding efforts, suspending an almost-total ban on financing for Turkey. The EIB stopped virtually all lending in Turkey after a row over oil and gas drilling off Cyprus nearly four years ago. But the severity of last month's quake, which killed nearly 56,000 people in Turkey and neighbouring Syria, has prompted it to make an exception. Turkey is set to hold pivotal presidential and parliamentary elections on May 14 and EU members are wary of a resumption of EIB lending being seen as an indirect backing of incumbent president Tayyip Erdogan's re-election campaign. The EIB lent around 2 billion euros a year in Turkey between 2009 and 2016 before the concerns about Ankara's domestic crackdown first saw the bank scale back its lending in the country.

☆ Vietnam plans tighter limits on stakes in banks in blow to foreign investors
▼ + stars: | 2023-03-17 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

Currently, the combined stake of foreign investors in a bank cannot exceed 30%, while the cap for stakes in companies in many other sectors is set at 49%. The central bank said its proposed changes would reduce risks of market manipulation. A Bangkok-based fund manager who declined to be named as he was not authorised to talk to media, said the lower cap would impact foreign investors more as their holdings were more often closer to the current maximum. Analysts said tighter caps on banks' stake holders and borrowing could exacerbate liquidity challenges in Vietnam, at a time when the country's property developers are under pressure. The central bank also cut interest rates this week to spur growth and reduce pressure on debtors.

☆ EU extends $647 mln grant for Serbia's fast railway line
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

BELGRADE, Feb 28 (Reuters) - The European Union on Tuesday extended a 610 million euro ($647.15 million) grant to Serbia for the construction of a fast railway line that will connect southern Serbia with central Europe. The 208-kilometre line should connect the Serbian capital Belgrade with the southern town of Nis. President Aleksandar Vucic said the EU grant was the largest ever given to Serbia, which has received a total of 420 million euros in EU grants so far. "The EU is now giving us 610 million euros as a gift," said Vucic, adding that the new railway line will enable travellers from Nis to get to Budapest in less than five hours. Vucic said Serbia would provide 525 million euros for the project and would take out loans of 1.1 billion euros and 550 million euros with the EIB and European Bank for Reconstruction and Development respectively.

☆ New French fund with 87.5 mln euros targets African solar development
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

PARIS, Feb 24 (Reuters) - A new investment fund with 87.5 million euros ($92.63 million) will finance solar power production across Africa, with a focus on West and Central Africa, French fund manager RGREEN INVEST and investment adviser ECHOSYS INVEST said on Friday. The AFRIGREEEN Debt Impact Fund's first closing will finance on- and off-grid solar power plants for small- and medium-sized commercial and industrial consumers across the continent, the statement said. The groups are looking to have a portfolio of twenty to thirty investments, with aim of meeting long-term debt financing needs of between 10 and 15 million euros, with an average of around 5 million euros over eight to ten years, the statement said. RGREEN INVEST and ECHOSYS INVEST said that the first closing included commitments from the European Investment Bank (EIB) and the International Finance Corporation (IFC). The group is aiming to raise a total of 100 million euros from development finance institutions and private investors.

☆ EU bank seeks pledges of more than 2 bln euros for Ukraine this year
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, Feb 2 (Reuters) - The European Union's investment bank on Thursday called for more budget guarantees from the bloc's 27 members to match or exceed this year the 2.2 billion euros ($2.4 bln) spent in Ukraine since the Russian invasion last February. The European Investment Bank (EIB) (EIB.UL), the lending arm of the European Union, said it had already disbursed 1.7 billion euros and had another 540 million for ongoing projects. He said much more would be needed to rebuild the country from the war, a task the World Bank last September estimated at $350 billion. The EU is also discussing with global partners the potential use of Russian assets frozen under sanctions to rebuild Ukraine, though legal doubts remain. These include an estimated $300 billion of Russian central bank assets.

☆ Madagascar solar firm secures funding to connect 50,000 households
▼ + stars: | 2023-01-17 | by ( Duncan Miriri | ) www.reuters.com time to read: +2 min

NAIROBI, Jan 17 (Reuters) - Madagascar's WeLight, an off-grid solar company, has secured 19 million euros ($20.57 million) to connect 50,000 households to electricity in the next two years, it said on Tuesday. Off-grid solar power, spearheaded by a variety of start-ups, has gained in popularity in Africa because it can affordably connect millions of homes which are left off mainstream electricity grids to clean power. The project is being financed by the European Investment Bank (EBI), EDFI ElectriFI and Triodos Investment Management, WeLight said in a joint statement. WeLight, which is owned by Madagascar's Axian Group, Norwegian investment fund Norfund and Sagemcon, already provides solar power to 9,000 rural Malagasy households. WeLight builds small solar power plants, storage units, distribution lines and installs a meter at each customer's premises, offering round the clock electricity, it said.

☆ EIB bank lends Tunisia 150 mln euros in emergency support for food security
▼ + stars: | 2022-12-18 | by ( ) www.reuters.com time to read: 1 min

TUNIS, Dec 18 (Reuters) - The European Investment Bank, the lending arm of the European Union, has approved a 220 million euro loan ($233 mln) for Tunisia, including 150 million euros in emergency support for food security, the Tunisian Ministry of Economy said on Sunday. Tunisia is in a deep financial crisis which has resulted in a shortage of many food commodities in recents weeks. Agriculture Minister Mahmoud Elyess Hamza said the loan will help Tunisia to regularly supply soft wheat. ($1 = 0.9450 euros)Reporting by Tarek Amara Editing by Raissa KasolowskyOur Standards: The Thomson Reuters Trust Principles.

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