The European Business Council for Africa

The African Development Bank’s Board of Directors has officially approved a $75 million commercial loan to the Ghana Infrastructure Investment Fund (GIIF).

The African Development Bank’s loan will enable the Ghanaian state-owned GIIF to efficiently leverage its paid-in equity capital of $325 million to secure additional debt resources to finance several critical Ghanaian infrastructure projects and reduce the country’s estimated multi-billion dollar infrastructure finance deficit.

The Board of Directors of the African Development Bank has approved an equity investment of $10 million in the ARCH Cold Chain Solutions East Africa Fund (CCSEAF) to support the development, construction and operation of greenfield cold storage, temperature-controlled solutions and distribution facilities in East Africa.

The investment will advance the Fund toward its targeted final close of $100 million by the second quarter of 2022. The Fund’s first close of $30 million occurred in November 2019.

The Board of Directors of the African Development Bank has approved a $57.67 million loan to Eskom Holdings SOC Ltd, South Africa’s public electricity utility—and Africa’s largest— to harness battery storage technology that will increase electricity generation from reliable and efficient renewable energy sources.

The Bank’s financing, a concessional loan, will come from the Clean Technology Fund, a multi-donor trust fund under the Climate Investment Funds. The pioneering Battery Energy Storage Systems Project is being co-financed with the World Bank and the New Development Bank.

The European Commission has allocated emergency humanitarian funding of €2 million for those affected by recent unprecedented floods in South Sudan. To date, an estimated 40 people have died and over 750,000 people are affected. Many people had to flee their homes due to the floods in 31 of the 78 counties of the country, including most famine- affected areas. Projections indicate that over a million people may be affected by those floods by the end of the year.

After one year of fighting, the conflict in northern Ethiopia has further worsened and expanded, creating a devastating humanitarian crisis, undermining the territorial integrity and stability of the country and impacting the whole region. The EU is particularly worried about the recent escalation of fighting in the Amhara region and the military advances of the TPLF and Oromo Liberation Army (OLA), as well as aerial bombardment by the Ethiopian Airforce of Mekelle, all of which risk dragging the country further into fragmentation and widespread armed conflict and worsening the situation of the population.

Following a review under the recommendation on the gradual lifting of the temporary restrictions on non-essential travel into the EU, the Council updated the list of countries, special administrative regions and other entities and territorial authorities for which travel restrictions should be lifted. In particular, Argentina, Colombia, Namibia and Peru were added to the list.

Non-essential travel to the EU from countries or entities not listed in Annex I is subject to temporary travel restriction. This is without prejudice to the possibility for member states to lift the temporary restriction on non-essential travel to the EU for fully vaccinated travellers.

The EU condemns the detention of Prime Minister Abdalla Hamdok and other members of the civilian leadership by Sudan’s military forces. We call on the security forces to immediately release those they have unlawfully detained. The actions of the military represent a betrayal of the revolution, the transition, and the legitimate requests of the Sudanese people for peace, justice and economic development.

To start, I want to thank the Minister of the Democratic Republic of Congo and Chairperson of the African Union Executive Council, Christophe Lutundula, our Rwandan host, Foreign Minister Vincent Biruta, and the Deputy Chairperson of the African Union Commission Monique Nsanzabaganwa for hosting us and for this great organisation.

Our two continents face many challenges that threaten both Africa and Europe. And there are, at the same time countless opportunities available for us. On which we can and we should and we have to work together. There are countless opportunities, not only challenges.

On Tuesday, October 26th, the foreign ministers of the African Union and the European Union will meet in Kigali, Rwanda to prepare for the summit of heads of state and government of two continents, which will be held in early 2022. My objective is clear: to make our partnership take an unprecedented qualitative leap. My visit will also further strengthen the good relations between the European Union and Rwanda.

My first mission to Rwanda as HR/VP will be an opportunity to visit the genocide memorial in Kigali as well as the Interpeace project in Bugesera, supported by the European Union in cooperation with Sweden, which deals with reconciliation and post-traumatic care. The genocide against the Tutsis, which left nearly a million people dead, reminds us that the initial objective of European integration - to prevent war on our continent and to contribute to peace in the rest of the world - must continue to remain central to our actions today. The international community failed to prevent this genocide in 1994, this must never happen again.

Members of the Africa Investment Forum team showcased two projects during a virtual investor roundtable as the continent looks to boost its healthcare sector and attract much-needed investment in the wake of the Covid-19 pandemic.

The projects, jointly worth around $140 million and located in East and West Africa, were previewed for potential investors.

The roundtable, held 21 October, is part of a series of events organized by the Africa Investment Forum and hosted by the Atlantic Council to drum up interest in the Forum’s upcoming Market Days, where a range of investment opportunities will be unveiled. The invited participants represented the pharmaceutical and healthcare sectors.7