twitter Facebook Linkedin acp Contact Us

EU to provide US$44.8bn to accelerate Africa’s investment

Ranieri Sabatucci is the EU ambassador to the African Union. (Image source: ECA)

Extending its support to the African Continental Free Trade Agreement (AfCFTA), the European Union (EU) Commission has proposed US$44.8bn to attract investments that are set to create around 10mn jobs in Africa

Ranieri Sabatucci, EU ambassador to the African Union (AU), has announced this in an opening address to a two-day Horn of Africa AfCFTA forum focusing on the pharmaceutical industry.

To prepare for this, economic partnership agreements including the deep and comprehensive free trade areas and others in North African countries and other trade issues with the EU should be exploited to the greatest extent as building blocks to the benefit of the AfCFTA.

The ambition is to further increase African exports and to attract investment in manufacturing and processing sectors and to encourage the creation of regional value chains through flexible rules of origin.

“The US$44.8bn of grants under the new Africa-European Alliance for Jobs and Growth is proposed as from 2021-2027 and is predicted to be US$64bn in the next 10 years, creating over 16mn jobs in the process,” he commented.

Vera Songwe, executive secretary, Economic Commission for Africa (ECA), said, “The AfCFTA is an economic development programme anchored around creating regional and continental champions, accelerating infrastructure development, energy and harmonising Africa’s integration platforms. We must now move with speed to implement the AfCFTA and reap the benefits of the agreement.’’

The theme of the forum, which was organised by the ECA, the Government of Ethiopia, the African Union Commission (AUC) and EU is “AfCFTA Implementation: Breaking Down Geographical, Logistical and Regulatory Barriers to Trade and Investment in the Horn to Boost Industrialisation: A Focus on the Pharmaceutical Industry.”

The Bell team in Richards Bay consists of more than 800 machinists, welders, and assemblers. (Image source: Bell)

GFE Power Product’s extensive range covers generators from 10 kVA up to 3,000 kVA. (Image source: GFE Power Products)

The funding is the largest-ever equity raise in the minigrid industry according to Husk. (Image source: Adobe Stock)

The initiative will help African contractors participate in annual infrastructure investments. (Image source: Afreximbank)

ITS has evolved into a sophisticated systems approach, providing numerous opportunities to revolutionise road networks. (Image source: Adobe Stock)

Invest International’s Lara Muller; Ivory Coast Minister of Finance and Economy, Adam Coulibaly; and Ambassador Designate to Ivory Coast, Jeroen Kelderhuis. (Image source: Invest International)

The Yellow Metal Machine Rental team with some Wacker Neuson equipment. (Image source: Wacker Neuson)

Although displaying resilience, the report warns that African banks remain exposed to physical climate risks due to both sovereign and industry lending. (Image source: Adobe Stock)

WAA and VCMI will seek to establish regulatory frameworks to enable access to high integrity and fair voluntary carbon markets for WAA member countries. (Image source: Adobe Stock)

The parties will also promote the mutual exchange of information and expertise in the field of export credit policies and practices. (Image source: TBD Group)

Inside Condra’s Johannesburg factory: an overhead crane positions an electric motor during assembly of hoist and crab. (Image source: Condra)

IVECO is renewing its entire product range, all at once. (Image source: IVECO)

The MoU was signed alongside the Africa Health Business Symposium. (Image source: Africa CDC)

Both the IMF and EIU expect SSA to rank as the world’s second fastest growing economy in 2024. (Image source: Adobe Stock)

There has been a focus on the sugar industry. (Image source: Adobe Stock)

Evolving concept of energy security must address energy demand, system flexibility, technology access and infrastructure development, says IRENA. (Image source: IRENA)

World Bank & African Development Bank partner to provide electricity access to 300 million Africans by 2030, leveraging public-private investments. (Image source: Adobe Stock)

At WFES, Gotion High-tech will showcase its latest products and leading green energy solutions at its booth. (Image source: Gotion High-tech)

The new Perkins 5012 is a full-authority electronic engine optimised and purpose-built for power generation applications. (Image source: Perkins)

SSAB will begin deliveries of the new products in 2026.

The key issues restricting sub-Saharan Africa’s manufacturing sector will be unpacked at Manufacturing Indaba later this year. (Image source: Adobe Stock)

Hyphen is developing sub-Saharan Africa’s largest, most advanced and only fully-vertical integrated green hydrogen project. (Image source: Hyphen)

According to Liebherr, the Used Equipment Marketplace is extremely user-friendly. (Image source: Liebherr)

Electricity storage will be pivotal in unlocking renewable projects and meeting energy demand. (Image source: Adobe Stock)

Africa Data Centres and DPA SA have broken ground on their solar farm in the Free State. (Image source: Africa Data Centres)

A Cat PM310 Cold Planer in action. (Image source: Caterpillar)

A larger stockholding of WEG products facilitates ready access for customers. (Image source: WEG Africa)

African nations have turned to the concept of power pools to address the continent's energy deficit and foster regional cooperation. (Image source: Synergy Consulting)

Dietmar Siersdorfer is expanding his role as Middle East managing director at Siemens Energy to include Africa. (Image source: Siemens Energy)

The Msikaba Bridge has anchor blocks 17 m wide which contain around 21,000 tons of concrete. (Image source: Sanral)