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Press corner
Global Gateway unlocks new funding

 Available languages:  DeutschEnglishfrançaisportuguês
Press release Jan 27, 2024 Rome 3 min read


GLOBAL GATEWAY: EUROPEAN COMMISSION AND AFRICAN DEVELOPMENT BANK GROUP UNLOCK
NEW FUNDING FOR AFRICAN INFRASTRUCTURE PROJECTS



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On the sidelines of this week's Italy-Africa Summit, the European Commission
(EC) and the African Development Bank Group have formalised a new Financial
Framework Partnership Agreement to boost investments in infrastructure projects
in Africa.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. This figure
will further increase after the signing of the new Financial Framework
Partnership Agreement.

Signed today by European Commission President Ursula von der Leyen and African
Development Bank Group President Dr Akinwumi Adesina, this landmark agreement
renews the partnership between the two organisations. It opens a wide range of
opportunities for both organisations to deliver new joint financing for
infrastructure projects. For the EU, this would be in keeping with the
priorities of the Global Gateway, its strategy to deliver sustainable and
trusted connections with partner countries. Between 2021 and 2027, through the
Africa-EU Global Gateway Investment Package, the EU will support the African
continent with €150 billion worth of investments. 

President von der Leyen said: “I'm very glad to launch a new era of cooperation
between Europe and Africa. Together we will build clean and competitive
economies across the continent, promote skills, create jobs and opportunities,
especially for Africa's vibrant youth. Today's new agreement between the
European Commission and the African Development Bank Group will power ambitious
infrastructure projects under Africa under Global Gateway, Europe's investment
strategy for the world. I'm looking forward to the great projects we will work
on together, as partners.”

Dr. Adesina said: “The signing of this important Financial Framework Partnership
Agreement marks the positive evolution of the relationship between Africa and
the European Union. 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.”

This agreement will 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 will  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. At the Global Gateway Forum in October 2023
the EU and the African Development Bank signed a Memorandum of Understanding
with Global Partners to mobilise financing for the development of this corridor.
Others partners include the host governments of Angola, DRC and Zambia, the US
Government and the Africa Finance Corporation.  

The European Commission and the African Development Bank Group have closely
aligned strategic priorities and programming. A cooperation agreement signed in
2014 expired in April 2019. Negotiations for a new agreement began after the
implementation of the European Commission's new Financial Regulation in 2018.
These negotiations also considered developments in both organisations, notably
in new provisions regarding the African Development Bank Group's compliance with
EU Restrictive Measures.


ABOUT THE AFRICAN DEVELOPMENT BANK

The African Development Bank Group is Africa's premier development finance
institution. It comprises three distinct entities: the African Development Bank,
the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the
ground in 41 African countries with an external office in Japan, the Bank
contributes to the economic development and the social progress of its 54
regional member states. For more information: www.afdb.org


ABOUT GLOBAL GATEWAY

Global Gateway is the EU's positive offer to reduce the worldwide investment
disparity and boost smart, clean and secure connections in digital, energy and
transport sectors, and to strengthen health, education and research systems.

The Global Gateway strategy embodies a Team Europe approach that brings together
the European Union, EU Member States, and European development finance
institutions. Together, we aim to mobilise up to €300 billion in public and
private investments from 2021 to 2027, creating essential links rather than
dependencies, and closing the global investment gap.


CONTACT

European Commission: Ana.PISONERO-HERNANDEZ@ec.europa.eu 

African Development Bank: media@afdb.org


QUOTE(S)

> I’m very glad to launch a new era of cooperation between Europe and Africa.
> Together we will build clean and competitive economies across the continent,
> promote skills, create jobs and opportunities, especially for Africa’s vibrant
> youth. Today’s new agreement between the European Commission and the African
> Development Bank Group will power ambitious infrastructure projects under
> Africa under Global Gateway, Europe’s investment strategy for the world. I’m
> looking forward to the great projects we will work on together, as partners.
> 
> Ursula von der Leyen, President of the European Commission

> The signing of this important Financial Framework Partnership Agreement marks
> the positive evolution of the relationship between Africa and the European
> Union. 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.
> 
> Akinwumi Adesina, President of the African Development Bank


RELATED TOPICS

International partnerships 
Presidency 
Global Gateway 


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CONTACTS FOR MEDIA


ARIANNA PODESTA

 * Deputy Chief Spokesperson

Phone
+32 2 298 70 24
Mail
arianna.podesta@ec.europa.eu  


ANA PISONERO-HERNANDEZ

 * Spokesperson

Phone
+32 2 295 43 20
Mail
ana.pisonero-hernandez@ec.europa.eu  
If you do not work for a media organisation, you are welcome to contact the EU
through Europe Direct in writing or by calling 00 800 6 7 8 9 10 11.
IP/24/443

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