The European Investment Bank (EIB) has announced more than 2 billion euros ($2.3 billion) for renewable energy projects in African countries over the next two years. Reuters reports.

The funding is aimed at developing green energy solutions, including solar, wind and other renewable energy sources, which will help African countries reduce their dependence on fossil fuels and strengthen energy security.

The investment will be backed by guarantees from the European Commission, which will ensure the stability and reliability of the projects. This will allow attracting additional private investment and help scale up energy initiatives.

EIB Vice-President Ambroise Fayol is expected to provide more details on the financing mechanism and specific projects during the EU-African Union summit in the Angolan capital, Luanda, on Monday 24 November.

The EIB stresses that this move is part of the EU’s global strategy to support the development of renewable energy and the fight against climate change. It will also contribute to the economic development of African countries, create jobs and improve access to electricity.

The allocation of over €2 billion will therefore be one of the largest EU financial contributions to green energy in Africa in recent years, confirming Europe’s commitment to actively supporting the global transition to clean energy sources.