The Nation Newspaper

Tag: European Commission

  • European Commission, AfDB unlock new funding for Africa

    European Commission, AfDB unlock new funding for Africa

    The European Commission (EC) and the African Development Bank Group have formalised a new Financial Framework Partnership Agreement to boost investments in infrastructure projects in Africa.

    The pact was signed on the sidelines of Italy-Africa Summit.

    The European Union’s contribution to co-finance operations with the African Development Bank has significantly increased over the last two years, now amounting to Euro 972 million in blending operations and guarantees. This figure will further increase after the signing of the new Financial Framework Partnership Agreement.

    Signed by European Commission President Ursula von der Leyen and African Development Bank Group President Dr Akinwumi Adesina, the landmark agreement renews the partnership between the two organisations.

    It opens a wide range of opportunities for both organisations to deliver new joint financing for infrastructure projects. For the EU, this would be in keeping with the priorities of the Global Gateway, its strategy to deliver sustainable and trusted connections with partner countries.

    Read Also: CBN, FAAN relocation: Southern Elders berate northern senators

    Between 2021 and 2027, through the Africa-EU Global Gateway Investment Package, the EU will support the African continent with €150 billion worth of investments.

    President von der Leyen said: “I am very glad to launch a new era of cooperation with the African Development Bank Group.

    This agreement will empower us to support ambitious infrastructure projects across Africa under Global Gateway, Europe’s investment strategy for the world. Together we will build clean and competitive economies across the continent, promote skills, create jobs and opportunities, especially for Africa’s vibrant youth. I’m looking forward to the great projects we will work on together, as partners.”

    President Adesina said: “The signing of this important Financial Framework Partnership Agreement marks the positive evolution of the relationship between Africa and the European Union. It will enable the African Development Bank Group and the European Commission to leverage on their respective resources to significantly support transformative investments in African countries and build resilient and sustainable economies. I am looking forward to scaling up our strong partnership with the European Commission and to making huge progress towards the achievement of the African Development Bank Group’s High 5 strategic priorities.”

    This agreement will enable a series of investments in Sub-Saharan Africa in strategic transport corridors, in energy and digital connectivity. One of the main joint projects is the development of the “Lobito Corridor,” an innovative transport corridor that will enhance export possibilities for Zambia, Angola, and the Democratic Republic of Congo, to boost the circulation of goods and to promote the mobility of citizens. At the Global Gateway Forum in October 2023 the EU and the African Development Bank signed a Memorandum of Understanding with Global Partners to mobilise financing for the development of this corridor. Other partners include the host governments of Angola, DRC and Zambia, the US Government and the Africa Finance Corporation.

    The European Commission and the African Development Bank Group have closely aligned strategic priorities and programming. A cooperation agreement signed in 2014 expired in April 2019. Negotiations for a new agreement began after the implementation of the European Commission’s new Financial Regulation in 2018. These negotiations also considered developments in both organisations, notably in new provisions regarding the African Development Bank Group’s compliance with EU Restrictive Measures.

  • TEF hosts European Commission, others

    The Tony Elumelu Foundation has brought together leading stakeholders in the development finance sector, at a case study session in the EU capital, Belgium. The convening demonstrated that Africa also had solutions to bring to the table and platformed the Foundation’s unique approach to catalysing entrepreneurship in scale across the continent.

    This is coming at a time Europe’s relationship with Africa is high on foreign policy and developmental agendas and with the European Union (EU) beginning to deliver on its 2017 External Investment Plan, targeted at attracting investment and job creation in Africa.

    With  A Convening on Africa’s Economic Transformation: A Case Study of the Tony Elumelu Foundation as its theme, the event presented the results of the first five years of the Foundation’s Entrepreneurship Programme a unique programme, which has trained, mentored and seeded 4,470 African entrepreneurs with 3,050 newly announced to receive seed funding, and drawn over 200,000 applications to its 2019 cycle. Tony Elumelu’s $100million investment in entrepreneurial philanthropy was held up as an example of how vital capital could be targeted efficiently and effectively, at African businesses best able to create significant economic and developmental impact.

    Read also: Tony Elumelu Foundation lifts 4,460 entrepreneurs with $20m

    Opening the event,  Deputy Director General, DEVCO, EU,  Mr. Koen Doens, said: “Africa needs to create jobs by the millions to match the needs of its exponentially growing population. It will achieve this only if it unleashes a generation of empowered entrepreneurs. The Tony Elumelu Foundation contributes to this massively. The EU wants to play its part and contribute to this endeavour.”

    During an question and answer session with EU-Africa relations expert, Annie Mutamba, Founder, Mr. Tony O. Elumelu highlighted the growing interest in the Foundation and its unique approach, while welcoming a new type of intervention in Africa.

     

  • EU adds Nigeria, Saudi to dirty-money blacklist

    Nigeria, Saudi Arabia and Panama are among the countries added by the European Commission to blacklisted nations for posing threats because of lax controls on terrorism financing and money laundering.

    The listing of the countries is part of a crackdown against money laundering after several scandals hit banks in European Union (EU) in recent months.

    But the development has triggered criticism from several EU states. They are worried about their economic relations with the listed states, notably, Saudi Arabia.

    Read also: CCT orders Onnoghen’s arrest

    The criteria used to blacklist countries include low sanctions against money laundering and terrorism financing, insufficient cooperation with the EU on the matter and lack of transparency over the beneficial owners of companies and trusts.

    Five of the listed countries are already included on a separate EU blacklist of tax havens. They are: Samoa, Trinidad and Tobago and the three United States (U.S.) territories of American Samoa, Guam and U.S. Virgin Islands.

  • EU appoints woman as Head of Commission’s Cabinet for 1st time

    EU appoints woman as Head of Commission’s Cabinet for 1st time

    The EU  President Jean-Claude Juncker on Wednesday appointed a woman for the first time as his Head of Cabinet“The President appointed today Clara Alberola as his new Head of Cabinet with effect from March 1.

    “Mrs Alberola is the first woman and the first Spanish national in the history of the European Commission to head the Commission President’s office,” the Commission said.

    Martinez Alberola, who served as Deputy Head of Cabinet, will assume the office from Martin Selmayr, who has been appointed as the EU Commission’s Secretary-General following the retirement of Alexander Italianer.

    NAN

  • Cameron urges ‘bold EU leadership’

    British Prime Minister, David Cameron has called for “bold leadership” in a newspaper article laying out his criteria for the new president of the European Commission.

    This comes as Britain leads a campaign, with Sweden and the Netherlands, to block the candidacy of Luxembourg’s ex-prime minister, Jean-Claude Juncker.

    German Chancellor Angela Merkel has publicly backed Mr. Juncker.

    The BBC reports that Mr. Juncker has been nominated for the position by party groups in Europe.

    But Mr. Cameron is strongly opposed to Mr. Juncker’s belief in a closer political union between European Union member states and has described Brussels as “too big” and “too bossy.”

    In a highly unusual move, Mr. Cameron has decided to appeal directly to voters in other EU countries to make his case for a president – considered the most powerful job in Brussels – who can change the way the Commission is run, not deliver more of the same.

    In his newspaper article the prime minister says that, for many Europeans, the World Cup is the issue that seems most interesting right now.

    “Only a small minority will be following the debate about the presidency of European Commission.

    “But this is important because it goes to the heart of the way the EU takes decisions, the need to respect its rules, and the appropriate relationship between the nations of Europe and the EU institutions.