Africa-Europe Alliance: Denmark provides €10 million for sustainable development under the EU External Investment Plan

The European Commission and Denmark signed a transfer agreement for a voluntary contribution of around €10 million (DKK 75 million) to the EU External Investment Plan.

The European Investment Plan is a key tool of the Africa-Europe Alliance. Most of the contribution will go to the European Fund for Sustainable Development (EFSD), the financing arm of the EU External Investment Plan. This is the largest single contribution to the Fund by an EU Member State. A signing ceremony for the contribution took place at the margins of the Council of EU development ministers in Brussels.

Welcoming Denmark’s initiative, European Commissioner for International Cooperation and Development, Neven Mimica, said, “With this contribution, Denmark has given a ringing endorsement of the Commission’s ability to mobilise investment and maximise impact through the External Investment Plan. I am confident that our collective effort will bring the EU’s partnership with Africa to the next level we need for a successful Africa-Europe Alliance.”

Most of the EUR 10 million will be allocated to the EFSD Guarantee instrument. This will help to leverage further investment for sustainable development, in particular in the agricultural sector, boosting jobs and growth in Africa. The remainder of the funds will support the work of the secretariat managing the External Investment Plan, including its technical assistance activities.

The contribution will also foster closer cooperation between the EIP Secretariat and EU Member States. Denmark is the fourth Member State to contribute to the European Fund for Sustainable Development under the EIP after Germany, the Czech Republic and Estonia.

Original source: European Commission
Published on 25 November 2019