In a recent development, the African Development Bank and the European Commission formalized a new deal to increase funding for infrastructure initiatives throughout Africa.
According to reports, the European Union has increased to €972 million, or US$1.1 billion, its operational co-financing with the African Development Bank.
It is important to highlight that the two parties continued by stating that the numbers will increase even more following the signature of a new Financial Framework Partnership Agreement by the president of the African Development Bank Group and the president of the European Commission.
The Bank went on to state that the collaboration would move forward and present chances for both institutions to provide fresh joint funding for infrastructure projects. Major investments are planned in Sub-Saharan Africa’s vital transport routes, energy and digital connectivity.
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Developing the Lobito Corridor to increase export opportunities for nations like Angola, Zambia, and the Democratic Republic of the Congo is one of the collaborative efforts’ primary projects.
In the case of the European Union, the partnership would align with the Global Gateway initiative’s aims. The EU expects to invest €150 billion, or US$162.4 billion, in the African continent between 2021 and 2027 through the Africa-EU Global Gateway Investment Package.
It’s great to see European countries investing in infrastructure development in Africa. This not only helps African economies grow but also strengthens ties between Europe and Africa.
The focus on sustainable and eco-friendly infrastructure is also a positive step towards a greener future. Hopefully, this trend will continue, and other countries follow suit, leading to a brighter future for Africa.
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