Deal inked to increase investment into infrastructure projects in Africa
The European Union has increased its co-financing of operations with the African Development Bank to US $1.1bn
A new agreement has been formalised between the European Commission and the African Development Bank. The deal will see increased investment flow into infrastructure projects in Africa.
According to a report, the European Union has increased its co-financing of operations with the African Development Bank to US $1.1bn. The two parties said that figure would increase further following the signing of a new Financial Framework Partnership Agreement by European Commission President Ursula von der Leyen and African Development Bank Group President Dr Akinwumi Adesina.
The partnership is expected to open up new opportunities for both organisations to deliver joint financing for infrastructure projects, as per the African Development Bank. Planned investments include more funding for strategic transport corridors in Sub-Saharan Africa, as well as in energy and digital connectivity.
One of the main joint projects is the development of the ‘Lobito Corridor’ to enhance export possibilities for Zambia, Angola, and the Democratic Republic of Congo.
For the European Union, the partnership would be in keeping with the priorities of its Global Gateway initiative. Between 2021 and 2027, through the Africa-EU Global Gateway Investment Package, the EU is expected to support the African continent with $162.4bn.
