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Thursday, 29 September 2016

Inside the EU’s multi-billion dollar investment plan for Africa

European Union Ambassador to Namibia Jana Hybaskova on Monday introduced the EU’s External Investment Plan (EIP) to encourage investment in Africa and the EU neighbourhood towards strengthening partnerships and achievement of the Sustainable Development Goals. The European Neighbourhood Policy is a foreign relations instrument of the EU that seeks to tie those countries to the east and south of the European territory to the Union. According to Hybaskova, the European EIP will mainly benefit two areas, namely Africa and the European neighbourhood. During the launch, she noted that traditional development aid alone cannot meet the challenges faced by developing countries, which is why the EIP is a new approach aimed at boosting business and technical assistance. Hybaskova elaborated that the EIP entails a guarantee fund for sustainable development in Africa and is a comprehensive blending instrument that can be applied to boost commercial investment in, for example, sectors such as renewable energy and livestock development. She continued that the EU will discuss the EIP with Namibian stakeholders and the European Investment Bank to identify suitable sectors and areas that can benefit from this instrument, which has the objective to ultimately boost business in order to create more jobs and promote regional integration and industrialisation.

Source: newera.com.na