UK pledges US$5.15bn to support African economies

theresa2Theresa May has pledged £4bn to support African economies. (Image source: European Council/FlickrTheresa May has announced Britain will invest US$5.15bn into African economies after Brexit, during a whistle-stop tour to the continent

Speaking in Cape Town on board RAF Voyager on 28 August, she said there would be a "fundamental shift" in aid spending to focus on long-term economic development that see "strong African economies that British companies can do business with".

She added that "the integrated global economy means healthy African economies are good news for British people as well as African people".

 “That’s why I’m delighted that we will today confirm plans to carry over the European Union’s Economic Partnership Agreement with the Southern African Customs Union (SACU) and Mozambique once the EU’s deal no longer applies to the UK," she said.

“As a Prime Minister who believes both in free markets and in nations and businesses acting in line with well-established rules and principles of conduct, I want to demonstrate to young Africans that their brightest future lies in a free and thriving private sector.”

She will be visiting Nigeria and Kenya during the three-day trade mission. 

The US$5.15bn worth investment, she added, "will pave the way for at least another US$5.15bn of private sector financing.”

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