The European Commission announced in a press release the signing of a guarantee agreement with Finnfund, the Finnish development finance institution, with the aim of mobilizing over 1 billion euros of investments to develop infrastructures and digital service platforms in ‘Sub-Saharan Africa.
The agreement provides for the granting of a 100 million euro guarantee to Finnfund focused on sub-Saharan Africa, with a focus on least developed countries and those in fragile situations: this guarantee will be provided by the European Fund for Sustainable Development ( Efsd+). Called “The Africa connected guarantee programme”, the agreement should enable the mobilization of sustainable investments in the digitalisation segment in the region.
“The European Union (EU) and Finnfund share the same vision of a more connected and economically empowered digital future in sub-Saharan Africa” said Commissioner Urpilainen: “The digital infrastructure and solutions sector is a priority for Finnfund . We believe that digitalisation as a development lever is an essential element to achieve the sustainable development goals.”
Finnfund thus becomes the first executive partner of Efsd+, the financial arm of the Global gateway initiative, the infrastructure investment program in developing countries launched at the beginning of 2022 by the European Union and with a global budget of 300 billion EUR. Specializing in impact investing, Finnfund has already invested 1.22 billion euros in developing countries, half of which has gone to African countries. [Da Redazione InfoAfrica]
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