November 23, 2018 IBOMLLC Team

European Investment Bank pledges $78 million to three East Africa countries

Innov8tiv
Innov8tiv – Blacks In Technology in USA, UK, Caribbean Islands & Africa

Three companies in East Africa are set to benefit from a combined financial boost from the European Investment Bank (EIB) totallying $78 million. The three companies are Telkom Kenya, the Novastar II, and the BCS Group, the Medical Credit Fund.

The EIB will disburse the funds in Kenya Shillings so as to cushion the three companies from currency volatility.

The telecommunication company, Telkom Kenya, is set to take home EUR 35 million (Ksh. 4.1 billion). This money, according to the company, will go towards expanding the telecom’s 3G/4G network coverage across Kenya. To be specific, the money will be invested towards Telkom’s Fibre-To-The-Building network.

BCS Group will invest its $18 million loan towards the development of fibre optic networks throughout Eastern and Central Africa; including the bordering towns in Democratic Republic of Congo.

Lastly, Medical Credit Fund, who got $5 million, will put that money towards investing in small players within the healthcare sectors. Players such as clinics, diagnostics centers, hospitals, and pharmacies. A move that will enable Medical Credit Fund facilitate access to quality healthcare in the underserved regions.

Novastar II will get $15 million, which it will use …read more

Read more here:: European Investment Bank pledges $78 million to three East Africa countries

      

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