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The European Investment Bank is seeking climate-related investments in Africa, the bank’s Vice-President Thomas Ostros said.

“It is very important to focus on viable long-term investments that have a chance to give a boost to economic growth,” he said in a Bloomberg TV interview with Jennifer Zabasajja on Wednesday.

The development bank is currently working on projects in East and Southern Africa, including electrification of the bus transport system in Nairobi and food security in Zambia. It has also pledged €1 billion (US$1,09 billion) to help South Africa transition from the use of coal.

While Africa has contributed the least to the emissions that are warming the planet, its countries are among the hardest hit with cyclones battering southeast Africa while much of Southern Africa is mired in its worst drought in decades.

“Multilateral development banks have a specific responsibility here to look for viable projects that can still be financed because many of the countries on the continent have challenges on the capital markets to finance themselves on reasonable terms,” he said.

Surging global interest rates and rising indebtedness has made it difficult for many African countries to sell international bonds and borrow from commercial banks.

The EIB, which is a European Union development finance institution, has lent more than €60 billion to Africa since 1965, he said. – Bloomberg