EU to provide 40 billion euros in grants to help create jobs in Africa

Abstract

The European Union Commission fully supports the African Continental Free Trade Agreement (AfCFTA) and is proposing a 40 billion Euro package to attract investments that would create at least 10 million jobs in Africa. “To support this, a massive support of 40 billion Euros of grants under the new AfricaEuropean Alliance for Jobs and Growth is proposed as from 2021 to 2027 to, among others, attract investments that would create 10 million jobs in Africa,” he said, adding the EU will continue to increase its support to Africa in that regard. Worth $20.8 billion in 2013, the industry is predicted to be $64 billion in the next ten years, creating over 16 million jobs in the process. Ms. Songwe said this will also lead to the creation of regional and continental giants and prosperity. Ms. Songwe said East Africa with at least 600 million people was one of the fastest growing regions on the continent but that growth has not yet translated into poverty reduction and prosperity.