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Wednesday, 22 July 2015

EU: World's most Open Market to Developing countries

At the Third International Financing for Development conference in Addis Ababa, Ethiopia, the European Union (EU) pledged to remain the world's most open market, by continuing to import from developing countries and develop schemes, which benefit developing countries. On imports, the EU currently imports €860 billion worth of goods annually from developing countries and it has already indicated funds of up to €6 billion to support trade schemes with developing countries. Via the EU’s Sustainable Energy for All project , €3.5 billion will be allocated to the energy sector  and this is expected to leverage a further €30billion from now until 2020. The EU’s budget support programmes, annually disburse of €1.6 billion to 80 developing countries, while EU direct support to domestic public amounts to €140 million annually. A key part of leeraging extra finance lies with partnerships with the private sector and the EU plans to invest over €2 billion to support local private sector. The European Investment Bank (EIB) has allocated a €500 million impact financing envelope to invest in higher risk private sector projects.

Source: allafrica.com