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Africa-Europe Alliance: EU facilitates financing for small businesses and improves business climate in Africa

Publish date: 
26/04/2019

In the margins of the World Bank Spring meetings in Washington on 12 April, the European Union has signed two initiatives to support business in Africa.

The EU makes available €4.2 million under the External Investment Plan (EIP) to help banks in Africa to better assist underfinanced sectors such as small businesses, including young entrepreneurs and women. This technical assistance programme complements the EU guarantee under the EIP and will be implemented by the International Finance Corporation (IFC).

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The EU also invests €10 million to improve business climate by providing tailored technical assistance and training to businesses in West and Central Africa, in cooperation with the International Monetary Fund (IMF). The aim is to strengthen the capacity of partner countries to finance their own development policies and reach the Sustainable Development Goals.

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Both initiatives will boost regional integration and economic governance reforms in Africa. They are examples of how the Africa-Europe Alliance for Sustainable Investment and Jobs works in practice.