(Ecofin Agency) - €44 billion. That is how much the European Union (EU) plans to inject in Africa’s development by 2020. Indeed, revealing this in a joint press statement released last November 20, the President of the African Union (UA), Alpha Condé, and Federica Mogherini, High representative and deputy president of the European service for external action, indicated that the EU would from now grant a particular attention to foreign direct investments (FDIs). 

“A third of all foreign direct investments to Africa comes from member States of the European Union,” read the statement published on the sidelines of the UA-EU summit recently held in Abidjan.

About the financing, it will be used to develop infrastructures partly. Also, it will help support small businesses in accessing loans to expand their job-creation capacity. 

Concerning development aid, the EU said it will reach €31 billion, by 2020, to “give youth the opportunity to prosper in their country of origin”.

Besides, the statement condemns slave trade in Libya and says that solving issues related to migration, security and youth employment will help the continent better position itself in the future.

Guevanis DOH