EU kick-starts its new EU External Investment Plan
Following the adoption by the European Parliament and the Council, the European Commission immediately starts the implementation of its ambitious External Investment Plan (EIP) to boost investments in Africa and the EU Neighbourhood. The EIP will address some of the obstacles to growth in our partner countries and of the root causes of irregular migration. Moving ahead with the EIP’s rapid implementation, the first Strategic Board of the European Fund for Sustainable Development (EFSD), the heart piece of the EIP, meets today in Brussels. High Representative/Vice-President Federica Mogherini said: “Less than 10 per cent of Foreign Direct Investment in Africa goes to fragile regions – those that need it the most. We want our External Investment Plan to become a powerful engine of more inclusive and sustainable growth, to create green energy, to bring new opportunities to entrepreneurs, also in the European Union, to young people, to empower women. This is the plan Africa needs, this is what our African partners are asking for, this is European partnership at its best.” Commissioner for International Cooperation and Development Neven Mimica added: “Our External Investment Plan marks a new approach for eradicating poverty and achieving inclusive sustainable development. By leveraging in particular private finance, our contribution of €4.1 billion will leverage up to €44 billion of investments which otherwise would not happen. Now it is up to all key players of the private sector in Europe and in our partner countries to join us in creating sustainable growth and decent jobs for the benefit of all.” Commissioner for European Neighbourhood Policy and Enlargement Negotiations Johannes Hahn said: “Europe is confronted with many challenges at its borders and beyond, challenges that will surely grow in the future, as demographic pressures, mobility and effects of climate change increase and regional conflicts are ongoing. It is in Europe’s own interest that we all work to ensure sustainable and balanced economic growth in our partner countries. Involving the private sector and securing the most conducive environment for it to thrive will support these efforts. By triggering sustainable growth in our partner countries around Europe and in Africa, we are also offering new trade and investment opportunities for EU enterprises and investors.” Please read the press release and the MEMO for further information.