Story, Louvier Kindo Tombe
The new financial instrument and investment strategy was unveiled in Yaounde on January 31, 2023 during a ceremony at the Yaounde Hilton Hotel.
Speaking at the ceremony, Assistant Director General in the European Union Commission, Myriam Ferran, enlightened participants on the salient points of the new approach.
She stressed on the need for the world to come together in the face of evolving geopolitical complexities.
On his part, the Minister of the Economy, Planning and Regional Development, MINEPAT, Alamine Ousmane Mey, said the Global Financial instrument (Global Europe) and the investment package (Global Gateway) are new approaches that are meant to reshape the way the EU doles out for development aid.
Launched on 2 February 2022, the programmes governs the EU’s intervention in Cameroon within the framework of their cooperation over the period 2021-2027.
After the coming to an end of the Africa Pacific and Caribbean nation’s agreement, APC and the Cotonou accord, the officials said it has become necessary for Europe which is Africa’s frontline financing partner to redesign the way aid is disbursed to the African continent so that it achieves the development objectives and aspirations of the donors and create significant impact by improving livelihoods.
Myriam Ferran clarified that among other issues that the Global Gateway Africa-Europe investment package aims at supporting Africa for a strong, inclusive, green and digital recovery and transformation through specific actions.
She said it also includes the acceleration of the green transition; acceleration of the digital transition; sustainable growth and decent job creation as well as strengthening of health systems and improving education and training.
The entire investment package, they said, will be delivered through Team Europe initiatives: the EU, its member states; while European financial institutions work together to support concrete and transformational projects jointly identified in priority areas.
Team Europe frontline members, according to the Assistant Director General Investment include among others the European German Development Mission, the French Development Agency, and other European banks that fund project Africa.
Sustainable energy development
During the ceremony in Yaounde, the donors recognised as a fact that climate change is a global challenge and can only be tackled by working together on a global scale.
Therefore, the EU will continue to work with Africa to maximise the benefits of a job-risk green transition and minimize threats to the environment in full compliance with the Paris agreement.
The investment package will allow for an increase in renewable energy and hydrogen; and share in the mix, access to affordable, reliable and sustainable energy as well as support market integration and sector reforms.
Agri-food
As it concerns agri-food systems, the donors say the investment package will support more sustainable African agri- food systems by creating a conducive and transparent policy environment for sustainable private investments, enhancing investments in support to agri-food and fish-processing, facilitating innovation and boosting improved nutrition.
With end result being to make sure that by 2030, sustainable food systems in Africa are capable of protecting Africa’s agriculture, fisheries development agenda.
