The European Investment Bank and Luxembourg launched a Financial Inclusion Fund, dedicating €3.6 million to support for micro and small businesses in Africa, the Caribbean and the Pacific countries, on 12 November at the EU bank’s annual Donors Conference in Luxembourg.
With the new project, they have committed to enhance collaboration on two joint priorities: the fight against climate change, and the development of the micro-finance sector in these countries.
“We address critical funding gaps by blending loans with grants from our partners. These innovative blending solutions ensure a high impact – for donor countries and institutions as well as for people in the project regions”, said EIB’s President, Werner Hoyer.
They also agreed to extend the joint Climate Finance Platform, originally established in 2017 for three years, until the end of 2024 and with an additional contribution of up to €40 million.