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Oesterreichische Entwicklungsbank creates jobs in developing countries

29 May 2014

The focus is on creating jobs and boosting private enterprise in the affected countries.

If you ask people in poor countries what they need to improve their own lives, the first answer is always, “Jobs!”. The World Bank has estimated that at least 600 million jobs need to be created in the next 15 years. One important factor in achieving this is making financing available for investment in more challenging markets. In Austria this service is provided by OeEB , Oesterreichische Entwicklungsbank AG (Development Bank of Austria).

Part of OeEB’s remit is to contribute to economic progress in developing countries and emerging markets, thereby creating jobs which will improve the living standards of local people.

Last year OeEB provided loans worth almost EUR 205m. More than 13,000 people are employed by the projects financed in 2013 and around 90% of the jobs created are in private companies. In many countries OeEB is committed to assisting small and medium enterprises. Capital is provided through credit lines at local banks and also via shareholdings which are targeted towards financing small companies. This creates and secures jobs.