European Union Allocates 150 Billion Euros To Improve African Infrastructure Development

European Union Allocates 150 Billion Euros To Improve African Infrastructure Development

By Deborah Migwi

ABUJA, Nigeria — The African-European Union (EU) partnership is the formal political channel through which the African continent and the EU engage in political and policy dialogues and define their relationship. The partnership started in 2000 where the first summit was held in Cairo, Egypt.

The aim of the partnership is to bring Africa and Europe closer together by strengthening economic cooperation, promoting sustainable development and finally for both continents to co exist peacefully.

The EU commissioner contends that the partnership is vital since it promotes lasting posterity. “It will also promote sustainable development and environmental protection; and foster cooperation and partnerships with Nigeria and other partner countries,” said Urpilainen.

Global Gateway Forum is an initiative that aims to enhance connectivity and sustainable development in partner nations. The forum brought together governments representatives from all over the world including the private sector, financing institutions and international organizations in an event that took two days in Brussels on 25th and 26th October 2023.

In addition to gateway initiative, the EU will allocate 150 Billion Euros over a period of four years to improve infrastructure in several African countries under the initiative. 

“ I am delighted to be visiting Nigeria to further strengthen our partnership, and I look forward to launching a package of new actions, as part of the Global Gateway Strategy and EU support to Government priorities. Building on our long-standing cooperation, and in the best spirit of shared responsibility, commitment and accountability, the EU will continue to invest in our common future and priorities of security, democracy and prosperity for all not least through the package of loans and grants I am signing and launching here today that will benefit the Nigerian businesses, farmers, youth and the society as a whole,” said Commissioner Urpilainen during the Global Gateway Initiative’s launch in Nigeria.

“Today marks yet another milestone in the annals of the EU-Nigeria development cooperation. The EU-Nigeria relations is one of the most vibrant development partnerships in terms of volume, thematic interventions, modalities and geographical spread in deployment of resources. The EU-Nigeria Strategic Dialogue is happening at the take-off of the current Administration in Nigeria and present opportunities for proper articulation and consolidation of priorities in our Partnership,” said Senator Abubakar Atiku Bagudu Minister of Budget and Economic Planning.

As a part of the Global Gateway Strategy, the Commissioner participated in signing of the loans issued to two Nigerian private companies.

Source: Published without changes from Zenger News

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