During the Italy-Africa Summit, the European Commission (EC) and the African Development Bank Group officially established a new Financial Framework Partnership Agreement aimed at enhancing investments in infrastructure projects across Africa.
The agreement, signed by European Commission President Ursula von der Leyen and African Development Bank Group President Dr. Akinwumi Adesina, marks a significant renewal of the partnership between the two organizations.
The European Union’s commitment to co-finance operations with the African Development Bank has seen a substantial increase over the past two years, reaching Euro 972 million in blending operations and guarantees. This amount is expected to rise further following the signing of the new Financial Framework Partnership Agreement.
President von der Leyen expressed enthusiasm about launching a new era of cooperation with the African Development Bank Group, emphasizing the agreement’s potential to support ambitious infrastructure projects in Africa under the Global Gateway, Europe’s investment strategy for the world.
The EU aims to provide €150 billion worth of investments to support the African continent between 2021 and 2027 through the Africa-EU Global Gateway Investment Package.
President Adesina highlighted the positive evolution of the relationship between Africa and the European Union, emphasizing the agreement’s potential to leverage resources for transformative investments in African countries and build resilient and sustainable economies.
The agreement is expected to facilitate strategic investments in Sub-Saharan Africa, focusing on transport corridors, energy, and digital connectivity.
Notably, the development of the “Lobito Corridor,” a transport corridor enhancing export possibilities for Zambia, Angola, and the Democratic Republic of Congo, is one of the key joint projects. The corridor aims to boost the circulation of goods and promote citizen mobility. The European Commission and the African Development Bank Group share closely aligned strategic priorities and programming, further strengthening their cooperation.
The signing of this Financial Framework Partnership Agreement signals a significant step towards fostering economic development and sustainable growth in Africa through collaborative investments in crucial infrastructure projects.
