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Thursday, June 13, 2024

European Commission and African Development Bank Group Unlock New Funding for African Infrastructural Projects

In a significant move during this week’s Italy-Africa Summit, the European Commission (EC) and the African Development Bank Group have solidified a fresh Financial Framework Partnership Agreement aimed at boosting investments in Africa’s infrastructure projects.

Over the past two years, the European Union has substantially upped its contribution to co-finance operations with the African Development Bank, now reaching €972 million in blending operations and guarantees.

This amount is expected to rise further following the signing of the new Financial Framework Partnership Agreement.

Today, European Commission President Ursula von der Leyen and African Development Bank Group President Dr Akinwumi Adesina inked this groundbreaking agreement, renewing the partnership between the two entities.

This agreement unlocks a plethora of opportunities for both parties to collaborate on funding new infrastructure projects.

For the EU, this aligns with the goals of the Global Gateway, its strategy to establish sustainable and trustworthy connections with partner countries.

Between 2021 and 2027, the EU plans to support the African continent with a substantial €150 billion investment through the Africa-EU Global Gateway Investment Package.

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