The European Union pledged EUR87 million ($117 million) in aid to African efforts to build roads, energy and water supply networks and communication technologies in the region. “Infrastructure is the key factor for a sustainable development, for economic growth and for the reduction of poverty in Africa,” said a statement from the European Commission. Of the funding, EUR60 million ($81.4 million) will come from the commission, while the remaining EUR27 million ($36.6 million) will be contributed by E.U. member states, namely Austria, Belgium, France, Germany, Greece, Italy, Luxembourg, Spain and The Netherlands. The European Investment Bank is set to extend additional support through loans worth EUR260 million.
Source: EU readies new aid fund to help Africa build roads, energy supply (DPA)