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The European Investment Bank (EIB) has signed a US$2.8mn deal with the African Trade Insurance Agency (ATI) to boost training within Africa's energy sector
An institution with expertise in risk mitigation on investment, ATI will use the grant to obtain specialist skills for underwriting energy sector projects.
Over the years, EIB has shown interest in investment in the energy sector such as Lake Turkana Wind Project – the largest of kind in Africa.
"Investment in energy is essential for economic growth and quality of life in Africa. We are pleased to support this new engagement by the African Trade Insurance Agency to improve key skills and understanding of energy investment which will strengthen implementation of key energy projects," said Pim van Ballekom, European Investment Bank vice president in a statement.
The grant to ATI came out of the EU-Africa Summit where leaders have gathered to map out an action plan aimed at strengthening cooperation in key areas including investments, climate change and security.
"Demand for clean, affordable and sustainable energy solutions is a priority for most of the continent. We are pleased to be part of this EIB-led initiative because it has the potential to have real impact both at the level of investments and on improving the quality of life for millions of people in Africa," said ATI chief executive George Otieno who signed on behalf of the institution.