European Union To Invest $38bn In Africa

Europe and Africa
The relationship between Africa and Europe is an exploitative one in favour of Europe

AFRICANGLOBE – The European Union (EU) says it will invest €28 billion ($38 billion) in Africa over a period of three years, as it plans to strengthen economic development and trade relations on the continent.

This was revealed by Ambassador Roeland Van de Geer, the Head of European Union delegation, at the South African Institute of International Affairs (SAIIA) EU-Africa Summit, which held in Tshwane this week.

“We expect to make available over the next coming three years, €28 billion ($38 billion) in development assistance and we hope to push our mutual trade over the coming years considerably but we have not put any figures to that or the trade,” Van de Geer said, adding that the decision came on the heels of the EU-Africa Union Summit held in Brussels last week.

He highlighted Africa’s emerging market status and how it is continuously attracting investors, thus changing the dynamics of the relations existing between the EU and Africa.

“A central part of this summit was that Africa and Europe work together as economic partners not so much in the traditional donor, recipient role as you know economic growth in Europe has been very low over the past few years. Africa is performing relatively well. So it’s a different dynamic and different relations,” the Ambassador said.

Although the funds will be directed towards education, job creation and health, focus will be given to peace and security as well as increased development and investment in trade and economic corporation.

 

By: Temitope Bolade

 

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