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EBRD and EU step up cooperation on green investment in sub-Saharan Africa
Author: Volker Ahlemeyer
- €70 million extension to EFSD+ Hi-Bar programme will cover sub-Saharan Africa
- First collaboration between the EBRD and the European Commission with EU guarantees in the region
- Project will boost investment in climate mitigation measures and innovative green technologies
The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are stepping up their cooperation in sub-Saharan Africa, supporting strategic investment in climate mitigation measures and innovative green technologies across energy sectors and energy-intensive industries, including critical raw materials.
The EBRD and the European Commission have agreed a €70 million extension to the European Fund for Sustainable Development Plus (EFSD+) High-Barrier (Hi-Bar) guarantee programme, extending it to cover sub-Saharan Africa. This is the first time that the EBRD and the European Commission have worked together on EU-backed guarantees in the region, building on a model that has been implemented successfully across the Bank’s other geographical regions.
The EFSD+ Hi-Bar guarantee agreement, which was originally signed in March 2024, providing for up to €168 million in EU guarantees, is designed to unlock investment in higher-risk projects in strategically significant industries in EBRD economies of operation outside the EU by mitigating key risks and enabling private-sector participation.
The Hi-Bar programme supports the next wave of climate mitigation technologies and business models, with a focus on:
• energy-sector investments, supporting decarbonisation and energy system transformation
• support for energy-intensive industrial sectors, where significant investment is needed to modernise production and reduce carbon intensity, including as regards critical raw materials and their value chains.
The programme is specifically designed to support the promotion of climate technologies and measures that traditionally face the highest barriers when accessing finance, including both first-of-a-kind investments and the scaling-up of technologies that have not yet reached critical mass in particular markets.
By extending the Hi-Bar programme to cover sub-Saharan Africa, the EBRD and the EU are bringing a proven risk-sharing model to new markets, facilitating investments that face elevated risks and would otherwise remain underfinanced. This initiative will contribute to the strengthening of strategic sectors in the region and support private-sector development.