IFC’s Partnership with the Development Bank of Austria in Sub-Saharan Africa
As part of IFC’s Partnership for Financial Inclusion, Oesterreichische Entwicklungsbank (OeEB), the Development Bank of Austria supports mobile deposit services and related products in Africa. The program is intended to promote savings services and related products over mobile channels by funding technical assistance with IFC’s clients in microfinance. OeEB is providing up to €1 million for implementation of projects with up to four IFC clients. AB Microfinance Bank Nigeria and Urwego Opportunity Bank (UOB) of Rwanda are the first two institutions that have been selected through a competitive process.
In addition, OeEB has also recently agreed to support the Africa Sustainable Energy Facility with an initial contribution of €2 million. The facility is a joint initiative between IFC and the European Investment Bank (EIB), the facility aims to increase investments in renewable energy and energy efficiency in Sub-Saharan Africa. The facility consists of €60 million financing facility to which IFC and EIB contributed equally and a facility support unit, which will facilitate suitable sustainable energy investments by providing business development and advisory services to sustainable energy developers, investors, suppliers, regulators and other relevant market players.
About the Development Bank of Austria
OeEB was founded in March 2008. As the official development bank of Austria, OeEB acts with a mandate from the federal government and is obligated to pursue the mission of Austrian Development Cooperation. OeEB finances and supports projects in developing countries and emerging markets that are economically sustainable and have positive impacts on development.
OeEB’s mandate is to provide stimulus for sustainable economic growth in order to improve the living conditions of people in disadvantaged regions over the long-term. OeEB finances projects that comply with its developmental policies and
- Contribute to the creation of jobs and national income,
- Improve access to modern infrastructure and to financing,
- Support the supply of energy (in particular through renewable energy projects and energy efficiency projects).
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