Latest news with #EIB
Al-Ahram Weekly
11 hours ago
- Business
- Al-Ahram Weekly
Burundi and Egypt celebrate inauguration of JIJI hydroelectric power plant - Foreign Affairs
In a landmark event for regional development and energy access in East Africa, the Government of Burundi officially inaugurated the JIJI Hydroelectric Power Plant, a transformative project supported by Egypt through its leading private sector, ORASCOM Construction. Presiding over the inauguration ceremony, Burundi's President Évariste Ndayishimiye hailed the JIJI–Mulembwe hydroelectric project as a strategic milestone, underscoring its contribution to the country's National Development Plan 2040 and its vital role in expanding access to electricity. Before the project, only six percent of Burundi's population had access to energy. Representing the Arab Republic of Egypt, Ambassador Amira Abdelrahim Ali Mostapha reaffirmed Egypt's unwavering commitment to sustainable development across Africa through public-private partnerships. "The JIJI project, realized by ORASCOM, exemplifies Egypt's pledge to support Burundi's development agenda," she said. "It reflects our broader commitment to international, regional, and triangular cooperation." Ambassador Abdelrahim also announced that additional Egyptian companies are preparing to enter the Burundian market, particularly in infrastructure, water, and transport sectors — a move expected to bolster local economic resilience and human development. "I congratulate ORASCOM on their outstanding performance," she added. "As an Egyptian, I take pride in their professionalism and their reputation across Africa. Their projects consistently demonstrate environmental responsibility, social impact, and alignment with the goals of sustainable development." The JIJI–Mulembwe hydroelectric complex, developed with €320 million in financing from the World Bank, the African Development Bank (AfDB), the European Investment Bank (EIB), and the European Union, is expected to supply up to 235 GWh of electricity annually. The project is expected to benefit more than 15,000 households, 7,000 businesses, and 1,700 industrial facilities, significantly strengthening Burundi's energy security and economic output. Edward Claessen, the EIB's Head of Energy for the region, praised the project as "a major step towards Burundi's energy self-sufficiency," noting its alignment with global goals for clean, reliable, and inclusive energy. The JIJI–Mulembwe complex now stands as a model for South-South cooperation, demonstrating how African expertise and private-sector engagement, backed by multilateral finance, can deliver transformative infrastructure that uplifts communities and anchors sustainable growth. Follow us on: Facebook Instagram Whatsapp Short link:
Yahoo
3 days ago
- Automotive
- Yahoo
EIB grants €30m to OLEDWorks for automotive lighting
The European Investment Bank (EIB) has provided €30m ($34.8m) in financing to OLEDWorks to bolster its innovative automotive lighting solutions. This investment will support the company's growth and product development within the European Union, particularly for automotive clients. OLEDWorks, known for its advanced organic light-emitting diodes (OLEDs) technology, will use the funding primarily at its Aachen site in Germany. OLEDWorks is at the forefront of designing and developing OLED-based lighting solutions that offer high brightness, energy efficiency, and durability. The company has notably created a pioneering application for OLED panels in the automotive industry, marking a significant first-of-its-kind use case at scale. With the EIB's support, OLEDWorks is set to reinforce its leadership in multi-stack OLED technology and broaden its automotive customer base. The investment will also help OLEDWorks to tap into the emerging trend of OLED use in vehicles, which is anticipated to accelerate in the near future. Additionally, the financing will contribute to maintaining manufacturing and innovation within Europe, countering the recent trend of the lighting industry's relocation to Asia. The EIB's financing is poised to facilitate OLEDWorks' expansion plans, including the creation of approximately 45 new jobs over the next three to four years. The funding is part of the InvestEU-supported Future Tech programme loan, aimed at bridging funding gaps and providing necessary risk capital to EU venture-backed companies. EIB vice president Nicola Beer said: 'OLEDWorks provides the type of cutting-edge technology that will secure a bright future for Europe and its people. The financing provided by the EIB reflects our commitment to supporting innovative companies in strategic sectors. OLEDWorks' lighting solutions align with our objective of fostering technological advancements on the continent—progress we need if we want Europe to be competitive and green.' OLEDWorks CEO David DeJoy added: 'The financing provided by the EIB will allow for expedited technology development and will enable advancements of OLED lighting technology with higher segmentation and display-like capabilities, higher brightness for automotive stop and turn applications, and bendable OLED panels.' "EIB grants €30m to OLEDWorks for automotive lighting" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Automotive
- Yahoo
Germany: EIB Provides €30 Million Financing to OLEDWorks for Automotive Lighting
EIB financing supports OLEDWorks in ramping up the manufacturing and R&D of their lighting technology. The company's products combine high brightness, longevity, energy-efficiency, and reduced waste. The loan is backed by the European Commission's InvestEU programme, which aims to promote sustainable investment, innovation, and job creation in Europe. LUXEMBOURG and AACHEN, Germany, June 24, 2025 /PRNewswire/ -- The European Investment Bank (EIB) has granted financing of €30 million to OLEDWorks, a provider of innovative lighting solutions for the automotive industry, microdisplays, and other specialty lighting applications. The loan aims to support the company's expansion and product development within the European Union, with a primary focus on automotive clients. Most of the investment will be used at the borrower's existing site in Aachen, Germany. OLEDWorks specialises in designing and developing lighting solutions based on organic light-emitting diodes (OLEDs). Its technology offers a combination of high brightness, energy efficiency, and durability. Notably, the company has developed an innovative application for OLED panels in the automotive sector, which represents a first-of-its-kind use case at scale. The financing provided by the EIB will enable OLEDWorks to strengthen its position as a world leader in multi-stack OLED technology, and to expand its portfolio of automotive customers. It will also allow OLEDWorks to capitalise on the nascent trend of using OLED technologies in the automotive sector, which is expected to gain momentum in the coming years. Furthermore, the financing will help to keep key manufacturing sectors and innovation in Europe, as the lighting industry has largely been delocalised to Asia in recent decades. "OLEDWorks provides the type of cutting-edge technology that will secure a bright future for Europe and its people," said EIB Vice President Nicola Beer, who oversees the Bank's operations in Germany. "The financing provided by the EIB reflects our commitment to supporting innovative companies in strategic sectors. OLEDWorks' lighting solutions align with our objective of fostering technological advancements on the continent—progress we need if we want Europe to be competitive and green." David DeJoy, CEO of OLEDWorks, emphasizes the pivotal role this investment plays in meeting customer needs: "The financing provided by the EIB will allow for expedited technology development and will enable advancements of OLED lighting technology with higher segmentation and display-like capabilities, higher brightness for automotive stop and turn applications, and bendable OLED panels." Wolfgang Görgen, Managing Director of OLEDWorks GmbH, adds: "The technology advancements along with enhanced capacity at our Aachen facility will empower us to respond swiftly to our customers' demands." The EIB support is expected to facilitate OLEDWorks' growth plans and enable the hiring of some 45 new employees over the next three to four years. The project falls under the InvestEU-supported Future Tech programme loan, which addresses funding gaps and provides adequate risk capital to venture-backed companies in the EU. European small and mid-sized companies often face challenges in accessing non-dilutive financing options for growth investments. Since its establishment in 2016, the EIB's innovation financing team has addressed the unique funding needs of over 300 fast-growing companies, investing €7 billion in the process. About the European Investment Bank The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world. The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe's competitiveness and security. About OLEDworks OLEDWorks is a global leader in the development and production of innovative organic light-emitting diode (OLED) technology. By producing the world's best-performing OLED panels and combining rapid product innovation, OLEDWorks enriches lighting solutions in automotive, specialty, and microdisplay applications. The OLEDWorks manufacturing facility is IATF 16949 and ISO 9001, 14001, 45001 certified with full traceability via a factory MES system. About the InvestEU Programme The InvestEU programme supports the sustainable recovery of the European Union by leveraging significant private and public funds. It aims to crowd in private investment for strategic priorities such as the European Green Deal and the digital transition. The programme simplifies and enhances funding opportunities for investment projects within the European Union. It consists of the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is implemented through financial partners utilising the EU budget guarantee of €26.2 billion to mobilise at least €372 billion in additional investment. Media Contact Kathleen MillerDirector, Global MarketingOLEDWorksEmail: marketing@ +1 339 222 9303 Richard WillisPress OfficerEuropean Investment BankEmail: willis@ tel:+352 437982155United Kingdom tel: +44 207 367 5961Mobile:+352 621555758 View original content: SOURCE OLEDWorks Sign in to access your portfolio
Yahoo
4 days ago
- Automotive
- Yahoo
Germany: EIB Provides €30 Million Financing to OLEDWorks for Automotive Lighting
EIB financing supports OLEDWorks in ramping up the manufacturing and R&D of their lighting technology. The company's products combine high brightness, longevity, energy-efficiency, and reduced waste. The loan is backed by the European Commission's InvestEU programme, which aims to promote sustainable investment, innovation, and job creation in Europe. LUXEMBOURG and AACHEN, Germany, June 24, 2025 /PRNewswire/ -- The European Investment Bank (EIB) has granted financing of €30 million to OLEDWorks, a provider of innovative lighting solutions for the automotive industry, microdisplays, and other specialty lighting applications. The loan aims to support the company's expansion and product development within the European Union, with a primary focus on automotive clients. Most of the investment will be used at the borrower's existing site in Aachen, Germany. OLEDWorks specialises in designing and developing lighting solutions based on organic light-emitting diodes (OLEDs). Its technology offers a combination of high brightness, energy efficiency, and durability. Notably, the company has developed an innovative application for OLED panels in the automotive sector, which represents a first-of-its-kind use case at scale. The financing provided by the EIB will enable OLEDWorks to strengthen its position as a world leader in multi-stack OLED technology, and to expand its portfolio of automotive customers. It will also allow OLEDWorks to capitalise on the nascent trend of using OLED technologies in the automotive sector, which is expected to gain momentum in the coming years. Furthermore, the financing will help to keep key manufacturing sectors and innovation in Europe, as the lighting industry has largely been delocalised to Asia in recent decades. "OLEDWorks provides the type of cutting-edge technology that will secure a bright future for Europe and its people," said EIB Vice President Nicola Beer, who oversees the Bank's operations in Germany. "The financing provided by the EIB reflects our commitment to supporting innovative companies in strategic sectors. OLEDWorks' lighting solutions align with our objective of fostering technological advancements on the continent—progress we need if we want Europe to be competitive and green." David DeJoy, CEO of OLEDWorks, emphasizes the pivotal role this investment plays in meeting customer needs: "The financing provided by the EIB will allow for expedited technology development and will enable advancements of OLED lighting technology with higher segmentation and display-like capabilities, higher brightness for automotive stop and turn applications, and bendable OLED panels." Wolfgang Görgen, Managing Director of OLEDWorks GmbH, adds: "The technology advancements along with enhanced capacity at our Aachen facility will empower us to respond swiftly to our customers' demands." The EIB support is expected to facilitate OLEDWorks' growth plans and enable the hiring of some 45 new employees over the next three to four years. The project falls under the InvestEU-supported Future Tech programme loan, which addresses funding gaps and provides adequate risk capital to venture-backed companies in the EU. European small and mid-sized companies often face challenges in accessing non-dilutive financing options for growth investments. Since its establishment in 2016, the EIB's innovation financing team has addressed the unique funding needs of over 300 fast-growing companies, investing €7 billion in the process. About the European Investment Bank The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world. The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe's competitiveness and security. About OLEDworks OLEDWorks is a global leader in the development and production of innovative organic light-emitting diode (OLED) technology. By producing the world's best-performing OLED panels and combining rapid product innovation, OLEDWorks enriches lighting solutions in automotive, specialty, and microdisplay applications. The OLEDWorks manufacturing facility is IATF 16949 and ISO 9001, 14001, 45001 certified with full traceability via a factory MES system. About the InvestEU Programme The InvestEU programme supports the sustainable recovery of the European Union by leveraging significant private and public funds. It aims to crowd in private investment for strategic priorities such as the European Green Deal and the digital transition. The programme simplifies and enhances funding opportunities for investment projects within the European Union. It consists of the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is implemented through financial partners utilising the EU budget guarantee of €26.2 billion to mobilise at least €372 billion in additional investment. Media Contact Kathleen MillerDirector, Global MarketingOLEDWorksEmail: marketing@ +1 339 222 9303 Richard WillisPress OfficerEuropean Investment BankEmail: willis@ tel:+352 437982155United Kingdom tel: +44 207 367 5961Mobile:+352 621555758 View original content: SOURCE OLEDWorks
Euronews
20-06-2025
- Politics
- Euronews
At least one dead after Russia launches strikes on Odesa and Kharkiv
Russian drones struck the Black Sea port city of Odesa and the northeastern city of Kharkiv overnight, killing at least one person, Ukrainian officials have said. The attacks against Odesa sparked fires at several apartment blocks, Ukraine's Emergency Service said. Flames engulfed a four-storey residential building in the city, which partly collapsed and injured three emergency workers. A separate blaze spread across the upper section of a 23-storey high-rise, leading to the evacuation of 600 residents. In total, one person was killed and 14 others were wounded in the overnight strikes against the port city, according to Odesa's regional prosecutor's office. At least eight drones hit civilian infrastructure in Kharkiv, injuring two children and two others, Ukraine's Emergency Service said. A further four people were injured in a second Russian strike on Friday. Ukraine's Air Force said Russia launched 80 Shahed and decoy drones overnight, with air defences intercepting or jamming 70 of them. A Russian missile strike on a nine-storey Kyiv apartment building earlier this week was a sign that more pressure must be applied on Moscow to agree to a ceasefire, Ukrainian President Volodymyr Zelenskyy said on Thursday. The drone and missile attack on Kyiv early Tuesday, the deadliest assault on the capital this year, killed 28 people across the city and wounded 142 others, Kyiv Military Administration head Tymur Tkachenko said. 'This attack is a reminder to the world that Russia rejects a ceasefire and chooses killing,' Zelenskyy wrote on Telegram, and thanked Ukraine's partners who he said are ready to pressure Russia to 'feel the real cost of the war". As Russia proceeds with a summer offensive across the roughly 1,000-kilometre front line, US-led peace efforts have failed to gain traction. Russian President Vladimir Putin has effectively rejected an offer from US President Donald Trump for an immediate 30-day ceasefire, making it conditional on a halt to Ukraine's mobilisation effort and a freeze on Western arms supplies. Kremlin spokesperson Dmitry Peskov said Friday that the date for the next round of peace talks is expected to be set next week. Ukrainian officials have not recently spoken about resuming talks with Russia, last held when delegations met in Istanbul on 2 June, though Ukraine continues to offer a ceasefire and support US-led diplomatic efforts to stop the fighting. The two rounds of brief talks yielded only agreements on the exchange of prisoners and wounded soldiers. The European Investment Bank (EIB) is strengthening its role as the European Union's financial arm, with its financing ceiling for this year reaching €100 billion, a new record. Against a backdrop of geopolitical tensions, the Bank is confirming its commitment to defence and security by tripling its lending. The EIB plans to devote 3.5% of total financing to the military sector. The institution mentions 32 flagship projects in the pipeline. These announcements validate the extension in recent months of the EIB's security mandate, which marks a paradigm shift in the institution's mission. This support will be available to all EU companies: public and private, large and small. "We finance the public sector when it comes to infrastructure for large military barracks. Just this week we got the go-ahead to finance a very important piece of infrastructure in Lithuania, a military barracks that will house a brigade of the Bundeswehr (German army) very close to the Belarusian border," said EIB President Nadia Calviño. "We are also financing large private companies for research and development programmes in the fields of innovation and industrial capacity," she added. She also says that she is working with the European Commission to identify other key infrastructures for military mobility. The EIB's commitment to defence does not, however, mean a complete turnaround. Climate change and clean energy remain priorities. The EIB deems climate action to go hand in hand with European security. The Bank is therefore launching a new programme of investment in technology and innovation: TechEU. The scheme will provide €70 billion of equity, quasi-equity, loans and guarantees from the EIB Group between 2025 and 2027. It will also call on private capital to generate at least €250 billion of investment. The first wave of TechEU projects will be devoted to clean industries. "This concerns the products needed to build energy networks. It's about guarantees for clean technology innovators. We also need to support the wind power industry and the deployment of power purchase agreements, which are essential to stabilise energy prices for Europe's major industries," said Calviño. The EIB President stressed that the green transition and technology also contribute to the EU's strategic autonomy.
