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Thursday, 12 July 2018

EU's External Investment Plan: first projects in Africa

As part of its External Investment Plan, the EU gave its green light to a package of financial guarantee programmes worth around €800 million on 10 July. This will help to leverage an estimated €8-9 billion in public and private investment in Africa and the Neighbourhood. Yesterday's decision is a major milestone towards delivering investments in Africa and the Neighbourhood through the EU's External Investment Plan (EIP), which is expected to leverage €44 billion of investments through an EU contribution worth €4.1 billion. The EIP aims to promote inclusive growth, job creation and sustainable development and in this way to tackle some of the root causes of irregular migration. One of the new programmes for example will benefit people who currently have difficulty borrowing money at affordable rates, such as internally displaced people, refugees or returnees. Another programme will enable over 25,000 small businesses to access mobile accounts and long-term credit, in order to support the financial inclusion driven by diasporas, migrants' families and returnees. High Representative/Vice-President Federica Mogherini said: "The EU's External Investment Plan has already started to bring real benefits to the people in our partner countries. These guarantee programmes for sustainable investment give now access to affordable loans to people who have been forced to flee their country and those who have recently returned home to rebuild their lives: to start small businesses or to have access to new technologies. This plan is about building a new present for many people and for their countries, it is about changing lives, now and for good."

Source: European Commission