The EU plans to encourage investment in Africa


The President of the European Commission Jean-Claude Juncker announced the new European External Investment Plan (EIP) in his State of the Union speech on 14 September. The EU aims to encourage private sector investment in Africa and the EU neighbourhood. According Federica Mogherini, the High Representative of the Union for Foreign Affairs and Security Policy, the plan will work by, "creating the conditions for Europeans to expand their business and move into new countries,” she said. “The new External Investment Plan will support our partners' economies and societies, as well as our strategic foreign policy goals, from security to global development." With EUR 3.35 billion from the EU budget and the European Development Fund, the Commission intends to mobilise, with guarantees of support, up to EUR 44 billion of investments.

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