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The Board of Directors of European Investment Bank (EIB) last month approved the Bank’s proposal to set up a development branch to increase the impact of its activities outside the European Union.

Through its development branch, the EIB plans to reorganise its activities outside the European Union and increase its presence on the ground, developing more targeted strategies and services in close cooperation with partners.

The bank said it will support developing countries to find innovative solutions to promote sustainable growth, human rights, reduce poverty and inequality, and improve lives. The EIB identified poverty, inequality, environmental degradation, and climate change as the “enormous challenges” the world faces.

EIB said its financing outside the EU in the last 10 years totalled €78 billion, of which €26.6 billion went to Africa.