European Union Launches $47 Billion Africa Economic Development Fund

The European Union has announced a launch of a $47.46 billion Africa Economic Development Fund aimed at helping Nigeria and other African countries drive economic growth and development.

With the new development Nigeria and some other African countries hope of attracting foreign investments have been renewed by the European Union.

According to the vice president of EU Digital Single Market, Andrus Ansip, the EU is already developing a strategic framework for the implementation and disbursement of the fund.

He maintained that the EU is also designing security measures to ensure the fund is effectively and efficiently disbursed.

He said the fund would go a long way in reducing the number of refugees who seek greener pastures in European countries, noting that in the ‎last two years, Europe has experienced the greatest mass movement of people since the Second World War.

Ansip said the fund will further assist both the EU and Nigeria explore opportunities in the nation’s digital economy with a view to deepening investment in the area as well as possible partnerships.

Asip in a press conference explained that the fund which would be made available for disbursements in first quarter 2018, as credit money is designed to help developing economies cover identified risks to attract foreign direct investments (FDIs). Read more on this here.