National: Nigeria, others to benefit from €2.6b European Union funds for growth

National: Nigeria, others to benefit from €2.6b European Union funds for growth

- in World News
85

image

Nigeria is among some African countries to benefit from the €2.6 billion European Fund for Sustainable Development (EFSD).The EFSD will contain two ‘blending’ facilities/ platforms, which will provide grants to improve the conditions under which public institutions and the private sector working with International Financial Institutions (IFIs) can borrow for investment purposes.

CLICK HERE TO DOWNLOAD LOVABLEVIBES ANDRIOD APP (APK FILE VERSION 1.8)

OR

Minister, Deputy Head of Delegation, European Union Delegation to Nigeria and Economic Community of West African States, Richard Young, revealed this yesterday in Lagos at a media conference to announce its seventh EU-Nigeria business forum. Young said the funds would be released to two regional investment platforms, which include the African Investment Platform (AIP) and Neighbourhood Investment Platform (NIP). He put the indicative budget of both platforms at EUR 2.6 billion.

According to Yoing, the funds are existing grant that are now refocused towards meeting the objectives of the European External Investment Plan (EIP). However, the main innovation of the EFSD is its new guarantee scheme. It has a budget of €1.5 billion, backed by €750 million in EU budget funds. The objective is to leverage additional financing, in particular from the private sector, as the EFSD guarantee will both reduce the risk for private investment and absorb potential losses incurred by them. 

Young noted that European Commission launched an ambitious EIP with a new approach to the way the commission supports sustainable development, identifies, prepares and delivers support for investment projects in countries outside Europe.

The plan, he said, would improve the way scarce public funds are used and the way public authorities and private investors cooperate on investment projects. It will also support the reforms needed to improve economic governance and local business environments, in full cooperation with the partner countries concerned.To further build on the relationship with EU companies in Nigeria, the EU delegation, member states and the European companies active in Nigeria have established a European Business Organisation (EBO).

President, EBO Nigeria, Mrs .Folashade Ambrose-Medebem, said the EBO would represent the voice of European companies across various sectors of the economy, and ensure a high-level policy dialogue with Nigerian authorities and organised private sector, with the objective of improving business and investment climate thereby fostering business and trade relations between the EU and Nigeria. The EBO is expected to be launched during the forum.

This Article Was Posted By DJXBAZZ

You’ve Got Something To Tell Us Or Bring Our Attention To Something On the SITE Or You Need Massive Promotion For Your SONG/VIDEO/MIXTAPE/EVENT/ALBUM Or EP?

Want To Advertise With Us?

You Have Information To Share Like Article’s, Music, Funny Pictures And More?

Then Contact us on:-

Send us a Mail to ⇨ djxbazzbunmi@gmail.com
Call or Text us on ⇨ +2348065200003
Chat with us on WhatsApp ⇨ Click Here
You Can Also Follow us on:-

Instagram: @iam_djxbazz

Twitter: @iam_djxbazz

Facebook: DJXBAZZ HORLUWAH BUNMI

DISCLAIMER : Lovablevibes.com do not claim ownership of any of the Songs OR News that we upload or post, and any copyright infringement complaints will be executed immediately! It is our policy to honor all take-down requests! If You Feel Your Rights Are Being Infringed Upon,Email Us Lovablevibes@post.com

Leave a Reply

Your email address will not be published. Required fields are marked *