FiCS Announcement: EU seals agreements to generate €10 billion in investment in Africa and the EU

During the Finance in Common Summit, the European Commission took a major step forward in boosting investment in Africa and the EU Neighbourhood by concluding ten financial guarantee agreements worth €990 million with partner financial institutions that complete the European Fund for Sustainable Development (EFSD), the financing arm of the External Investment Plan (EIP). Together, these guarantees are expected to generate up to €10 billion in overall investment.

About the Finance in Common Summit (FiCS): Taking place 9-12 November 2020 in Paris and online, the Finance in Common Summit addresses our common need to build new forms of prosperity that take care of the living (people and planet) in a resilient manner. This first-of-its-kind event gathers the world’s Public Development Banks (PDBs), along with other key stakeholders such as Heads of State, governments, supervisors, and representatives from the private sector, civil society, think tanks and academia, to stress the crucial role of PDBs in reconciling short-term countercyclical responses to the crisis with sustainable recovery measures. By rallying and challenging a new and significant global community with enhanced capacity of action, and by promoting sustained collective action, the Finance in Common Summit is a key milestone on the way to the crucial events of 2021, notably the COP26, the COP15 and the Generation Equality Forum.