From CoastWeek.

The European Investment Bank and the Eastern and Southern African Trade and Development Bank, or the PTA Bank on Tuesday launched a 160 million-euro ($182.24-million USD) lending program to support investment across Eastern and Southern Africa.

Under the deal inked in Kenya’s capital Nairobi, agribusiness, energy, manufacturing and service sector industries will access a seven-year loan in local currency, or a 15-year loan in U.S. dollars or euros from PTA Bank.

European Investment Bank Vice-President Pim Van Ballekom said the new program reflects a shared commitment to the support private sector in Africa.

“The new lending program is the largest ever engagement to support business investment in Africa by the EIB. This will help firms in 12 countries to create new jobs and explore new business opportunities in key sectors,” Ballekom said, adding that it will support investment by larger companies for the first time.

The program is being managed in the region by the PTA Bank.

Read more at CoastWeek.