On the sidelines of this week’s Italy-Africa Summit, the European Commission (EC) and the African Development Bank Group have formalised a new Financial Framework Partnership Agreement to boost investments in infrastructure projects in Africa, a report sourced from AfDB has confirmed.
The European Union’s contribution to co-finance operations with the African Development Bank has significantly increased over the last two years, now amounting to €972 million in blending operations and guarantees. This figure will further increase after the signing of the new Financial Framework Partnership Agreement.
Signed last week by European Commission President Ursula von der Leyen and African Development Bank Group President Dr Akinwumi Adesina, this landmark agreement renews the partnership between the two organisations.
It opens a wide range of opportunities for both organisations to deliver new joint financing for infrastructure projects. For the EU, this would be in keeping with the priorities of the Global Gateway, its strategy to deliver sustainable and trusted connections with partner countries.
Between 2021 and 2027, through the Africa-EU Global Gateway Investment Package, the EU will support the African continent with €150 billion worth of investments.
