From Reuters. Story by Noor Khamis.

Luxembourg-based European Investment Bank, the E.U.’s nonprofit long-term lending institution, has signed three credit lines worth 110 million euros ($121.00 million) to support private sector investments across east Africa, the bank’s vice president said Friday.

The funds will support job creation and economic growth in Kenya, Tanzania, Uganda and Burundi by providing long-term local and foreign currency loans and support investment across a range of sectors, including agriculture.

East Africa private sector

“Investment by small companies and entrepreneurs is essential for economic growth and to create jobs,” EIB Vice President Pim van Ballekom said in a statement.

The loans will be provided through three banks – the African Banking Corporation (ABC.ZI), NIC Bank (NIC.NR) and CRDB Bank CRDB.TZ.

Read more at Reuters.