EIB to provide $121 million to boost East Africa private sector

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December 11, 2015 10:27 AM EST

Workers work at a construction site of the Mombasa-Nairobi standard gauge railway (SGR) in Emali, Kenya October 10, 2015. REUTERS/Noor Khamis

NAIROBI (Reuters) - The European Investment Bank (EIB) has signed three credit lines worth 110 million euros ($121.00 million) to support private sector investments across east Africa, the bank's vice president said on Friday.

The funds will support job creation and economic growth in Kenya, Tanzania, Uganda and Burundi by providing long-term local and foreign currency loans and support investment across a range of sectors, including agriculture.

"Investment by small companies and entrepreneurs is essential for economic growth and to create jobs," EIB Vice President Pim van Ballekom said in a statement.

The loans will be provided through three banks - the African Banking Corporation (NYSE: ABC), NIC Bank and CRDB Bank .

(Editing by Drazen Jorgic. Editing by Jane Merriman)


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