EU boosts investment in Africa with projects worth almost €100 million

EU boosts investment in Africa with projects worth almost €100 million

Tuesday, 19 September, 2017

The European Commission has announced projects which will directly contribute to the objectives of the future External Investment Plan (EIP).

As part of the Pan-African Programme, the Commission allocated this year close to €100 million for a series of initiatives that will spur private investments, provide technical assistance and enhance the African business environment. The projects will contribute to African job creation, which the European Commission recently identified as a priority area of its Partnership with Africa.

Commissioner for International Cooperation and Development Neven Mimica said: "These initiatives worth €100 million from our Pan-African Programme will help to create much needed jobs and sustainable economic growth across Africa. They will also support the objectives of our ambitious European External Investment Plan and our priorities for the upcoming AU-EU Summit in November. The EU delivers on its commitment to strengthen our Partnership with Africa by working together to address common challenges and pursue common interests".  

As part of these new initiatives, the European Commission will invest €70 million for infrastructure projects with a pan-African dimension to be funded through the Africa Investment Facility. Furthermore, it will provide technical assistance of €5 million to African governments by providing legal resources through creditor litigation services, advisory services in complex commercial and business transactions, and capacity building initiatives. Thirdly, the European Commission will support several initiatives that will help to strengthen the African business environment. On customs, the Commission will support a €5 million programme with the World Customs Organisation to harmonize the classification of goods, thereby facilitating trade with the EU and within Africa. On air transport, the Commission will commit €2.7 million to support the European Geostationary Navigation Overlay Service (EGNOS) for satellite navigation, while it grants €5 million to a project by the European Aviation Safety Agency (EASA) that aims to enhance air safety in Africa. Lastly, the Pan-African Programme will commit about €10 million to enhance ICT standards and regulations, in order to open up access to ICT services and promote internet governance in Africa.

Read more about the Pan-African Programme actions for 2017 here