New funding for African infrastructure projects in Zambia, Angola, and the Democratic Republic of Congo through strategic transport corridors has been unlocked by the European Commission (EC) and African Development Bank Group (AfDB).
This agreement, according to a statement issued on Wednesday, would enable a series of investments in Sub-Saharan Africa in strategic transport corridors, in energy and digital connectivity.
One of the main joint projects is the development of the “Lobito Corridor,” an innovative transport corridor that would enhance export possibilities for Zambia, Angola, and the Democratic Republic of Congo, to boost the circulation of goods and to promote the mobility of citizens.
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.
Between 2021 and 2027, through the Africa-European Union (EU) Global Gateway Investment Package, the EU would support the African continent with €150 billion worth of investments.
African Development Bank Group president, Akinwumi Adesina, in his comments on the partnership said the signing of the Financial Framework Partnership Agreement marked the positive evolution of the relationship between Africa and the EU.
The signing ceremony took place on the side-lines of this week’s Italy-Africa Summit, the EC and the African Development Bank Group.
Adesina said: “It will enable the African Development Bank Group and the European Commission to leverage on their respective resources to significantly support transformative investments in African countries and build resilient and sustainable economies.
“I am looking forward to scaling up our strong partnership with the European Commission and to making huge progress towards the achievement of the African Development Bank Group’s High 5 strategic priorities.”
EC president, Ursula von der Leyen, said the agreement would empower the commission to support ambitious infrastructure projects across Africa under Global Gateway, Europe’s investment strategy for the world.
“Together we will build clean and competitive economies across the continent, promote skills, create jobs and opportunities, especially for Africa’s vibrant youth. I am looking forward to the great projects we will work on together, as partners,” he said.
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