Sunday, April 14, 2024
NewsEIB provides largest loan ever in Djibouti's history to boost water security

EIB provides largest loan ever in Djibouti’s history to boost water security

The European Investment Bank (EIB) has agreed to provide €79 million for water projects in Djibouti – the largest loan ever provided by the EIB in the country’s history, officials said.

The 25-year loan will help double desalination capacity, expand wastewater treatment and integrate renewable energy, potentially securing access to clean water for 555,000 people.

“The European Investment Bank’s new support for water security represents a significant milestone in enabling Djibouti to adapt to a changing climate,” Finance Minister Ilyas Moussa Dawaleh said.

Thomas Östros, Vice President of the EIB, said “This visionary new investment demonstrates EIB Global’s firm commitment to addressing water challenges…in vulnerable countries through best-practice technology.”

Jutta Urpilainen, European Commissioner for International Partnerships, said the project “proves the strength of our long-standing partnership with Djibouti in jointly pursuing innovative solutions to water scarcity.”

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The loan will be used to expand the Doraleh Desalination Plant, build solar power systems and upgrade wastewater treatment facilities.

Djibouti faces water security challenges due to climate change impacts like drought and salinization. Officials hope the EIB-backed projects can help strengthen resilience and serve as an example for the Horn of Africa region.

The loan represents the largest ever provided by the EIB in Djibouti after nearly four decades of supporting energy and telecommunications projects.

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Video from Enat Bank Youtube Channel.


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