Hat: The European Union created a new European External Investment Plan
Funding Scheme: 2016-10-06
The European Commission proposed a new European External Investment Plan to encourage investment in Africa and in the EU Neighbourhood.
Developing countries seem to have more and more difficulties in achieving inclusive and sustainable growth and to promote employment. This new European External Investment Plan has 3.35 billion euro from the budget of the European Union and the European Development Fund, it provides the possibility of using guarantees enabling it to raise up to 44 billion euro investments. If the Member States and other partners pay a contribution equivalent, the total will reach 88 billion euro. The European Commission will have the opportunity to complete the guarantee of the Union budget with 5.3 billion throught the external mandate of the European Investment Bank (EIB)
. The investment plan should contribute to sustainable development, support States economies, encourage investment and the development of social and economic infrastructures and SMEs. The overall objective of the External Investment Plan is to boost economic growth in beneficiary countries in compliance with the Investment Plan for Europe and its European Fund for Strategic Investment (EFSI)
– European Union External Action
– European Commission