Two men walk the grounds at the Berlaymont in Brussels, Belgium. Photo by: Jim Killock / CC BY-SA

BRUSSELS — The European Commission has finalized just one of the 28 guarantees it is offering to development finance institutions under its External Investment Plan, though it hopes to ink more after a meeting next week.

The commission has allocated €1.54 billion ($1.74 billion) to encourage institutions such as the European Investment Bank, European Bank for Reconstruction and Development, and national development banks, to take on risky investments with high development impact in countries neighboring the European Union and in sub-Saharan Africa.

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About the author

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    Vince Chadwick

    Vince Chadwick is the Brussels Correspondent for Devex. He covers the EU institutions, member states, and European civil society. A law graduate from Melbourne, Australia, he was social affairs reporter for The Age newspaper, before moving to Europe in 2013. He covered breaking news, the arts and public policy across the continent, including as a reporter and editor at POLITICO Europe.