New European Funding To Pump-Up Infrastructure In Africa

In a recent move, the European Commission and the African Development Bank have gone on to formalize a new agreement in order to boost investment in infrastructure projects across Africa.

Apparently, the European Union has gone on to increase its co-financing of operations along with the African Development Bank to €972 million, or US$1.1 billion.

It is well to be noted that the two parties went on to say that the figure would rise further after the signing of a new Financial Framework Partnership Agreement by Ursula von der Leyen, the European Commission President, and the African Development Bank Group President, Dr. Akinwumi Adesina.

The Bank went on to say that the partnership would go ahead and also open opportunities for both organizations in order to deliver new joint financing when it comes to infrastructure projects.

Planned investments go on to include more funding when it comes to strategic transport corridors within the Sub-Saharan Africa and also in energy as well as digital connectivity.

One of the major joint projects happens to be the development of the Lobito Corridor so as to elevate the export possibilities for countries like Angola, Zambia, and also the Democratic Republic of Congo.

When it comes to the European Union, the collaboration would be in sync with the priorities of the Global Gateway initiative. All through 2021 and 2027, by way of Africa-EU Global Gateway Investment Package, the EU is anticipated to support the African continent with an investment worth €150 billion or US$162.4 billion.