The leaders of the EU and the African Union, as well as their respective member states, met in Brussels on February 17 and 18, 2022 for the sixth EU-African Union summit.
The summit provides a unique opportunity to lay the foundations for a renewed and deeper EU-African Union partnership, with maximum political participation, based on trust and a clear understanding of mutual interests. Leaders are expected to deliberate on how to build greater prosperity between the two continents. The goal is to launch an ambitious Africa-Europe investment package, taking into account global challenges such as climate change and the current health crisis. They should also discuss tools and solutions to promote stability and security through a renewed peace and security architecture.
Cooperation with the African Union and national and regional organizations to support African drug regulators is a key pillar of the Team Europe initiative on local manufacturing and access to vaccines, medicines and health technologies in Africa. In this context, the European Union will assist the AMA through a comprehensive package of measures aimed at strengthening its capacity, in addition to a number of regional and national initiatives undertaken by France, Germany and Belgium to increase regulatory capacity in Rwanda, South Africa, Ghana and Senegal, among other countries.
Commissioner for Health and Food Safety, Stella Kyriakides, said: “Global solidarity and cooperation are the principles on which we must build the global health framework after COVID. Without them, we know that COVID-19 will not be defeated. At the heart of our work is strengthening the health systems and immunization capacities of the African continent. In partnership with African drug regulators, the European Medicines Agency, as a globally recognized regulatory agency, is building for the future.”
Private sector investment in Africa, essential to address the impact of COVID-19 and unlock sustainable growth, will be accelerated thanks to new financing totaling 62 million euros, confirmed today by EIB Global, the new specialized arm of the European Investment Bank. This announcement comes ahead of the first face-to-face Africa-Europe summit since the onset of the COVID-19 pandemic.
Accelerating investment in African technology start-ups
Through the Boost Africa initiative, EIB Global supports two of Africa’s leading technology investors: Atlantica Ventures and Janngo. This is a joint initiative with the African Development Bank (AfDB), with financial support from the European Commission and the Secretariat of the Organization of African, Caribbean and Pacific States (ACP), under the 11th European Development Fund (EDF).
The €12.5 million financing for Atlantica will support €50 million in new investments in innovative technology start-ups across the continent and expand specialized venture capital funding for promising entrepreneurs.
Supporting private sector financing with leading local African banks.
Smallholder farmers in Malawi will be able to access €12.5 million in long-term agricultural financing from the EIB, in partnership with First Capital Bank and the European Union.
The new program, which also has an EU grant, is the latest in a regional agricultural financing initiative. It will enable Malawian farmers to modernize their equipment and meet the challenges arising from climate change.