AU-EU Summit: Investing in a sustainable future
- Date: 29 November 2017 - 30 November 2017
The fifth African Union-European Union (AU-EU) Summit took place on 29-30 November 2017 in Abidjan, Côte d'Ivoire. This year, the summit focused on common challenges and interests such as sustainable and inclusive development.
An EIB delegation led by President Werner Hoyer and Vice-President Ambroise Fayolle joined their partners in Abidjan and announced new financing for Africa, including:
- new support for young entrepreneurs, microbusiness and SMEs across Africa
- infrastructure projects providing drinking water to 1 million people in Cote d'Ivoire
- new transport routes to connect Madagascar from North to South
- modernisation of Senegal’s electricity system in rural areas, benefiting 55 000 people
- first EIB transaction with the African Export Import Bank to support trade-related investments and projects between Europe and Africa
- new support from the European Commission and the ACP group for the Boost Africa initiative, designed to support innovative start-ups through venture capital across Africa
- EIB press contacts
News from the Summit
Three major agreements were signed by the European Investment Bank (EIB) this week on the margins of the Africa Union-European Union Summit that will deliver benefits for people across Africa: infrastructure projects for water in Cote d'Ivoire, transport routes in Madagascar and electricity modernisation for Senegal.
Ahead of the AU-EU Summit, the EU bank announced financing to support more than EUR 230 million of private sector investment across Africa. The new initiatives will enhance access to credit by smallholders and microenterprises, increase investment in health and education targeting low-income families across West Africa and promote financial inclusion of rural communities in Ethiopia, among others.
The EIB signed its first, landmark agreement with the African Export Import Bank (Afreximbank), involving a finance facility for EUR 100m. The seven-year loan will finance trade-related investments and projects in Sub-Saharan Africa. It will support African promoters carrying out small and medium-sized long-term investments with favourable financial terms in more than 40 countries across Africa.
Our stories: The EU bank, a partner for Africa
Africa Mobile Networks is bringing first time mobile signal to almost four million people in remote regions of Cameroon and the Democratic Republic of Congo. The European Investment Bank (EIB) has helped finance this landmark project.
Boost Africa, a joint initiative between the African Development Bank (AfDB) and the EIB, seeks to harness the continent’s potential and become the premier platform to launch globally competitive companies from Africa.
Finance is hard to come by in Kenya. Phyllis Muthoni was lucky. She went to Faulu Microfinance Bank, which gave her a loan of just over EUR 10 000 to set up her shop, Jophy Cosmetics. “I feel very happy seeing as business is not going down,” she says.
- More about our activity in Sub-Saharan Africa, the Caribbean and the Pacific (ACP)
The EIB at the AU-EU Summit and side events
Monday 27 November
Tuesday 28 November
Wednesday 29 November
All times are Abidjan local times.
- More information on the AU-EU Summit on the official event website.