Author (s)：

Anissa Bougrea

Abstract:

Exploring the European Investment Bank’s (EIB) largely unexplored external operations, this article provides the first comprehensive analysis of the EIB’s activity in Sub-Saharan Africa (SSA) from its inception in 1957 up to 2024. The contribution enriches the discourse on re-aligning the European Financial Architecture for Development, by outlining the EIB’s inter-institutional considerations and its policy implications for both EU and SSA stakeholders. The findings reveal a “constrained expansion”, shaped by a mix of enablers such as EU geopolitical interests and a financialization-centric vision of development, and constraints including the Bank’s risk-aversion and increased competition with other development finance institutions.

Key words:

European financial architecture for development，European Investment Bank，Sub-Saharan Africa，European Union，development aid，financialization，development banks，credit ratings，Wall street consensus

Citation:

Bougrea, A. (2025). The European Investment Bank in Sub-Saharan Africa: constrained expansion. Journal of Economic Policy Reform, 28(1), 12-36.

Link:

https://doi.org/10.1080/17487870.2024.2352543