The European Commissioner for International Partnerships, Jutta Urpilainen, in collaboration with President Touray, has finalized the signing of seven financing agreements, amounting to €212.5 million in EU support. These agreements target critical sectors, including trade, energy connectivity, renewable energy, sustainable food systems, food security, and migration. The signing took place during Commissioner Urpilainen’s visit to Abuja, Nigeria, alongside European Commissioner for Energy, Kadri Simson.
Key Points:
- Focus Areas of Financing Agreements:
- The signed agreements encompass vital domains such as trade, energy, migration, and agriculture. This multi-faceted approach aims to address key challenges and foster sustainable development in the West African region.
- Global Gateway Africa-Europe Investment Package:
- This initiative aligns with the broader commitment of the European Union to mobilize up to €150 billion in investments for Africa between 2021 and 2027. Its primary objective is to facilitate an inclusive, green, and digital transition, driving regional economic integration, sustainable growth, and the creation of quality job opportunities.
- Support for Free Movement and Migration (€34 million):
- This initiative aims to enhance the development potential of free movement of people and migration within the Economic Community of West African Countries (ECOWAS). It involves effective implementation of the ECOWAS Free Movement Protocol and Common Approach on Migration.
- Boosting Africa’s Trade Competitiveness and Market Access (€50 million):
- This program seeks to increase sustainable intra-African trade and enhance trade between Africa and the EU. It focuses on improving market access and export competitiveness for Small and Medium Enterprises (SMEs) in selected value chains.
- Advancing Trade in Services in Sub-Saharan Africa (€11.5 million):
- This initiative promotes the liberalization of services and exports in selected sectors to encourage greater intra-regional, continental, and bilateral trade in services. It aims to facilitate integration into regional and global value chains.
- Support Program for Specialized ECOWAS Organizations in the Energy Sector (€25 million):
- This program aims to develop the regional electricity market and operationalize its interconnected grid, while increasing the share of renewable energy. The objective is to provide sustainable, accessible, and affordable energy, particularly for women and men.
- Regional Clean Cooking Action in West Africa – ReCCAWA (€12 million):
- This initiative focuses on expanding access to clean, efficient, and sustainable cooking energy solutions in West Africa. It involves strengthening the framework for clean cooking, innovative financing, and promoting scalable business models.
- Other Key Agreements:
- The financing agreements also cover areas such as regional food security storage strategy, and support for the development of the pastoral economy in West Africa and the Sahel.
Conclusion: The €212.5 million EU support through these financing agreements represents a significant commitment to drive positive change and sustainable development in West Africa. By addressing critical areas such as trade, energy, migration, and agriculture, the EU aims to foster economic growth, regional integration, and resilience in the region. These efforts are in line with the broader goal of mobilizing substantial investments for Africa, supporting its inclusive, green, and digital transition.
