KEYPOINTS
- Over the past two years, the European Union has significantly increased its contribution to co-finance operations with the African Development Bank, totaling €972 million in blending operations and guarantees.
- Signed by EC President Ursula von der Leyen and African Development Bank Group President Dr. Akinwumi Adesina, the agreement marks a strategic collaboration to support Africa’s development through joint financing initiatives.
During the Italy-Africa Summit, the European Commission (EC) and the African Development Bank Group announced a significant milestone – the formalization of a new Financial Framework Partnership Agreement. This agreement is designed to bolster investments in infrastructure projects across Africa, aligning with the global effort to bridge the investment gap and foster sustainable development.
Over the past two years, the European Union’s commitment to co-finance operations with the African Development Bank has seen a substantial rise, reaching €972 million in blending operations and guarantees. This figure is set to increase further with the signing of the new Financial Framework Partnership Agreement, symbolizing a renewed dedication to collaboration and investment in Africa’s future.
The agreement, signed by EC President Ursula von der Leyen and African Development Bank Group President Dr. Akinwumi Adesina, signifies a strategic alignment between the two organizations. It presents a wealth of opportunities for joint financing initiatives, particularly in infrastructure projects, reflecting the priorities outlined in the Global Gateway strategy. Through the Africa-EU Global Gateway Investment Package, the EU pledges €150 billion in investments from 2021 to 2027, aiming to foster clean, competitive economies and create job opportunities, especially for Africa’s youth. This initiative marks a pivotal step towards building resilient and sustainable economies across the continent.
