EU To Mobilise Private Investments In Africa With €44bn Grant
Deputy Head of European Union (EU) delegation to Nigeria and ECOWAS, Richard Young and Nigeria’s Vice President Yemi Osinbajo. Image: Guardian NG

The European Union (EU) has said it plans to mobilize private sector investment and develop finance investment with a €44 billion grant.

This was revealed recently by the Deputy head of the EU delegation in Nigeria Richard Young who noted that the grant will be from 2018 to 2020.

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“The EU has identified five critical issues relating to small and medium scale enterprises, agriculture, sustainable cities as well as issues related to digital technology, therefore, we can add value by working with development banks and private sectors to train and promote investment, to encourage growth and job opportunities,” he said.

According to Young, “The second aspect that we are looking at is to explore the concept known as the sectoral economy how can we make better use of our resources, have better design, better production, better use of waste, how can we recycle and how from now we can have a more efficient and effective economy.

“Thirdly, we are looking at how can we boost investment how can we take the limited resources that we have and investment by offering the blending of grant money with loan money and thereby reduce the rate of interest in bringing forward investment and how we can offer guarantees to development banks which is the private sector so they can then invest and feel confident in investing in this kind of environment.”