Rome, 28 January 2024
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.
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.
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.
Speech by President von der Leyen at the Italy-Africa Summit
Rome, 29 January 2024
Presidente La Russa,
Presidente Meloni, cara Giorgia,
Excellencies,
Dear colleagues,
Ladies and Gentlemen,
I think it is very encouraging to listen to the distinguished different speakers today, because we all feel that this is a moment of intense and renewed cooperation between Africa and Europe. Because not only our destinies but also our interests are aligned, more than ever before. And we have heard it. We all need to switch to clean energy and adapt to climate change. We all need to train our workforce for the jobs of tomorrow. We all want to stop the tragic loss of life along the migratory routes. And we all want to give opportunities to our young people. So it is not only geography that brings us together but also the commitment to bring mutual benefits to all our people. So we have to get concrete.
And I am very grateful to Italy for putting cooperation with Africa at the heart of its foreign policy and of its G7 Presidency. The new Mattei Plan comes as an important contribution to this new phase of our collaboration, and it comes complementary to our European Global Gateway. Global Gateway, as you know, is the EUR 150 billion investment plan for Africa. This is, plain and simple, Team Europe at work.
Today, I would like to focus on three issues where Europe and Africa have agreed to work together, and where Italy’s engagement can really make a difference. First, energy and climate. Second, education and skills. And third, migration.
On my first point – energy and climate. Today, only 2% of global investments in clean energy go to Africa. This is very sobering given Africa’s immense potential as a clean energy powerhouse. Africa has the space, the wind, the sun, just to name a few. What it lacks is infrastructure. But together we can change this. With Global Gateway, we aim to bring clean energy to 100 million people who currently do not have access to energy. This can turn out as a double win. Africa can not only produce enough clean energy to power up the African continent but also to create revenues by exporting. Preparations have begun, for example, to build the first underwater electricity cable linking North Africa to Italy and the rest of Europe. And for example, our new Hydrogen Bank is now open to African producers. This means good jobs, energy and energy security for both Africa and Europe.
My second point: Global Gateway has a strong focus on building the local skills that Africa needs. We are already at work to train skills for manufacturing vaccines, it has been set in Rwanda, Ghana and Senegal. We are training the workforce in Kenya and Namibia to produce clean hydrogen. And here is the first example for the complementarity with the Mattei Plan. Italy plays an active role. Over 50 Italian universities now have exchange programmes with their African counterparts. The University of Parma, for example, coordinates an Erasmus project to develop clean energy skills in Africa. We want to invest in this kind of cooperation. For instance, we are now financing a high-speed data connection, between Southern Europe and all North African countries, from Morocco and Algeria to Egypt. It will link universities and data centres. This allows joint research and business on the two shores of the Mediterranean. And what I really like about this project: It is not only an investment in Africa’s talent but also in the people, in friendship and in the next generation of our two continents.
This leads me to my third point on migration. We must crack down on smugglers who trade on human life. Smugglers put hundreds of thousands of lives in peril. They amass young men in the back of trucks across the desert. They abuse young women along the route. And they put all of them on rickety boats that are simply not made for the high seas. We have to stop their callous business. And the best way to do this is to join forces and crack down on the criminals. And in parallel to build legal alternatives to the deadly smuggling routes. We must destroy the smugglers’ web of lies. In recent months, we have been working closely with, for example, Ivory Coast, Gambia, Guinea, Mauritania and Senegal on our common approach that is clear: to save lives and to create opportunities. We offer more opportunities to come to Europe legally so that people can move, learn and bring their new expertise back home. And we cooperate on the return of irregular migrants because mobility must be managed by law, and not by the smugglers. And the better we are on legal migration, the more convincing we are in preventing irregular migration.
Ladies and Gentlemen,
Enrico Mattei was a great Italian, a great European and a true friend of Africa. He understood, before others, that your strength is our strength, and vice versa. And his legacy lives on. Today, our continents are building a true win-win partnership, with benefits for Africa, for Europe and the world. Let us keep up the good work. There is a lot to do.
Thank you very much for your attention.
Source – EU Commission