BERLIN (AP) — European officials and companies met with African leaders in Vienna Tuesday for talks intended as a springboard to increase investment in Africa.
Austrian Chancellor Sebastian Kurz, whose country currently holds the rotating presidency of the European Union, said investments of around 1 billion euros ($1.13 billion) could materialize as a result of guarantees and other arrangements presented at the meeting.
Separately, a fund worth 45 million euros is meant to help smallholder farmers access funding and attract more than 200 million euros in investments. Programs also are planned to support solar power plants in Morocco and cleaning up a drain in Egypt’s Nile delta.
Those plans call for 75 million euros of EU funds to be used to leverage up to 750 million euros of investments in businesses in Africa, benefiting those who usually struggle to get affordable loans.