The European Parliament is kicking off its new EU External Investment Plan (EIP) to boost investments in Africa and the EU Neighborhood. The EIP will support more inclusive and sustainable development and will address some of the hurdles to growth in our partner countries and of the root causes of irregular migration. The EIP marks a new approach in fighting poverty and achieving inclusive sustainable development. EU Commissioner for Development Neven Mimica urged the private sector in Europe and in our partner countries to join the EU in creating sustainable growth and decent jobs.
“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,” EU head of diplomacy, Federica Mogherini commented.
The idea of EIP was proposed by Commission President Jean-Claude Juncker in September 2016 and only a year later, it is already becoming operational. The tool will integrate state-of-the-art financial tools as well as more traditional forms of assistance such as grants, risk-sharing instruments and blends of grants and loans. Brussels will also step up its discussions with partner countries, as well as a structured private sector dialogue to enhance the investment climate and the business environment in the partner countries.