European Commission, AFDB unlock new funding for African infrastructure
ON the sidelines of this week’s Italy - Africa Summit, the European Commission ( EC) and the African Development Bank Group have formalised a new Financial Framework Partnership Agreement to boost investments in infrastructure projects in Africa.
The European Union’s contribution to co- finance operations with the African Development Bank has significantly increased over the last two years, now amounting to € 972 million in blending operations and guarantees. This figure will further increase after the signing of the new Financial Framework Partnership Agreement.
Signed today by European
Commission President Ursula von der Leyen and African Development Bank Group President Dr Akinwumi Adesina, this landmark agreement renews the partnership between the two organisations.
It opens a wide range of opportunities for both organisations to deliver new joint financing for infrastructure projects. For the EU, this would be in keeping with the priorities of the Global Gateway, its strategy to deliver sustainable and trusted connections with partner countries. Between 2021 and 2027, through the Africa- EU Global Gateway Investment Package, the EU will support the African continent with € 150 billion worth of investments.
President von der Leyen said: “I’m very glad to launch a new era of cooperation with the African Development Bank Group. This agreement will empower us to support ambitious infrastructure projects across Africa under Global Gateway , Europe’s investment strategy for the world. Together we will build clean and competitive economies across the continent, promote skills, create jobs and opportunities, especially for Africa’s vibrant youth. I’m looking forward to the great projects we will work on together , as partners.” and to making huge progress Global Gateway Forum in
President Adesina said: “The towards the achievement of October 2023 the EU and the signing of this important the African Development Bank African Development Bank Financial Framework Group’s High 5 strategic priorsigned a Memorandum of Partnership Agreement ities.” Understanding with Global marks the positive evolution This agreement will enable a Partners to mobilise financof the relationship between series of investments in Subing for the development of Africa and the European Saharan Africa in strategic this corridor. Other partners Union. It will enable the transport corridors, energy include the host governAfrican Development Bank and digital connectivity. One ments of Angola, DRC and Group and the European of the main joint projects is Zambia, the US Government Commission to leverage their the development of the and the Africa Finance respective resources to signifi“Lobito Corridor,” an innovaCorporation. cantly support transformative tive transport corridor that The European Commission investment s in African counwill enhance export possibiliand the African Development tries and build resilient and ties for Zambia, Angola, and Bank Group have closely sustainable economies. I am the Democratic Republic of aligned strategic priorities looking forward to scaling up Congo, to boost the circulaand programming in their our strong partnership with tion of goods and promote the cooperation for African develthe European Commission mobility of citizens. At the opment.