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Mimica: Europe’s new plan for Africa ‘could reach €88 billion’

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Wednesday, 28 September 2016

Mimica: Europe’s new plan for Africa ‘could reach €88 billion’

The European External Investment Plan (EEIP) is an innovative approach to boost investments in Africa and EU Neighbourhood countries. These investments shall contribute to creating sustainable growth and inclusive jobs, particularly in socio-economic sectors such as sustainable energy or social infrastructure and support micro, small and medium-sized enterprises. The EEIP consists of three complementary pillars: The first provides improved access to finance. At its heart lies a new European Fund for Sustainable Development (EFSD) which combines existing investment facilities with a new guarantee. This guarantee will be passed on to intermediary financing institutions, which in turn will lend support – via loans, guarantees, equity or similar products – to final beneficiaries, such as private companies. The second pillar focusses on technical assistance in order to help develop financially attractive and mature projects. The third includes actions to improve the general business environment, e.g. by addressing good governance, fighting corruption, removing barriers to investment and market distortions.

Source: euractiv.com