The European Investment Bank (EIB) and the European Commission have signed new agreements to mobilize a total of €4 billion to support businesses in African, Caribbean and Pacific (ACP) countries, up to 2027.
This is learned from a press release from the European Commission, which specifies that these agreements constitute a guarantee program which will allow the mobilization of up to 3.5 billion euros in loans and a contribution from the European Union (EU) of 500 million euros to the ACP trust fund, set up and managed by the EIB: “The guarantee agreement of the European Fund for Sustainable Development Plus (EFSD+) will allow the EIB to provide up to 3.5 billion euros in subsidized loans to create of jobs and economic growth, opening up opportunities, especially for women and young people, and supporting ecology and digital transitions in EU partner countries, in line with the ”Global Gateway” strategy”.
The EU’s 500 million euro contribution to the ACP trust fund should make it possible to “finance high-impact operations, which otherwise would not be possible”, such as support for small renewable energy plants located in off-grid areas.
This funding is part of the “Global Gateway” strategy, a development aid plan presented in early 2022 by the European Commission in response to China’s BRI. This plan notably provides for investments of 150 billion euros in Africa over six years, to contribute to the development of infrastructure and finance projects in key sectors such as digitalisation, climate, energy, transport and health. [Da Redazione InfoAfrica]
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