AFRICA ENERGY GUARANTEE FACILITY (EIB-20120168)

Regions
  • Africa
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Investment Bank (EIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Apr 4, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Munich Re
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 60.14 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 50 million
Converted using 2018-01-02 exchange rate.
Project Cost (USD)
$ 721.71 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported EUR 600 million
Converted using 2018-01-02 exchange rate.
Bank Documents
Primary Source

Original disclosure @ EIB website

Updated in EWS Jan 2, 2018

Disclosed by Bank May 9, 2016


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
The Africa Energy Guarantee Facility (AEGF) consists of a guarantee to support reinsurers in the provision of investment and trade insurance services for the African energy sector through local partners. The operation is initiated by the EIB and forms part of the Bank's response under the UN Sustainable Energy for All (SE4All) initiative. It is proposed to establish AEGF to provide political and comprehensive credit risk insurance and reinsurance to SE4All projects in Africa. OBJECTIVES The proposed operation consists of a guarantee for a dedicated reinsurance vehicle targeting eligible SE4All projects in sub-Saharan Africa. Eligible investment projects to be covered by the guarantee will include renewable energy, energy efficiency, small-scale hybrid energy systems, electricity transmission and distribution. AEGF's capital would include contributions from an already identified group of public and private insurance and reinsurance companies with existing operations in Africa. The objective is to enhance the availability of long-term capital for the African energy sector through provision of investment insurance services.
Investment Description
  • European Investment Bank (EIB)
Contact Information
ACCOUNTABILITY MECHANISM OF EIB The EIB Complaints Mechanism is designed to facilitate and handle complaints against the EIB by individuals, organizations or corporations affected by EIB activities. When exercising the right to lodge a complaint against the EIB, any member of the public has access to a two-tier procedure, one internal - the Complaints Mechanism Office - and one external - the European Ombudsman. A complaint can be lodged via a written communication addressed to the Secretary General of the EIB, via email to the dedicated email address complaints@eib.org, by completing the online complaint form available at the following address: http://www.eib.org/complaints/form, via fax or delivered directly to the EIB Complaints Mechanism Division, any EIB local representation office or any EIB staff. For further details, check: http://www.eib.org/attachments/strategies/complaints_mechanism_policy_en.pdf When dissatisfied with a complaint to the EIB Complaints Mechanism, citizens can then turn towards the European Ombudsman. A memorandum of Understanding has been signed between the EIB and the European Ombudsman establishes that citizens (even outside of the EU if the Ombudsman finds their complaint justified) can turn towards the Ombudsman on issues related to 'maladministration' by the EIB. Note that before going to the Ombudsman, an attempt must be made to resolve the case by contacting the EIB. In addition, the complaint must be made within two years of the date when the facts on which your complaint is based became known to you. You can write to the Ombudsman in any of the languages of the European Union. Additional details, including filing requirements and complaint forms, are available at: http://www.ombudsman.europa.eu/atyourservice/interactiveguide.faces