Wednesday, December 25, 2024

Global Gateway Forum: EU and Finnfund launch the Africa Connected Programme to mobilise more than €1 billion of sustainable investments in digital infrastructure

Must read

At the Global Gateway Forum, European Commissioner for International Partnerships, Jutta Urpilainen, and Finnfund CEO, Jaakko Kangasniemi, have officially signed the Africa Connected Programme, a landmark guarantee agreement aimed at mobilising more than €1 billion in sustainable investments for digital infrastructure and digital service platforms in Sub-Saharan Africa. Finnfund becomes a first-time implementing partner of European Fund for Sustainable Development Plus, the Global Gateway’s financial arm.

Commissioner Urpilainen said: “The EU and Finnfund share a vision for a more connected and economically empowered digital future of Sub-Saharan Africa. The guarantee presented today will help mobilising sustainable private investment to realise that vision, also in Least Developed Countries. I am delighted to welcome Finnfund putting Team Europe into action. Through Global Gateway, we  are improving access to finance for digital infrastructure providers and digital platform businesses.”

CEO Kangasniemi said: “Digital infrastructure and solutions sector is a priority for Finnfund. We see digitalisation as necessary condition for development and a critical component to meet the sustainable development goals. We are very excited of the signature of the Africa Connected guarantee program with the European Commission. The program will allow us to accelerate investments in impactful digital infrastructure and solutions companies in Africa. In co-operation with the Commission, we will be improving connectivity and usage of digital services in the region. This will, in addition to promoting economic growth, improve living standards and inclusivity through increased access to financial, education and healthcare services. We are very happy to initiate collaboration with the European Commission and contribute to the Global Gateway Strategy. “

The Africa Connected guarantee programme, entailing up to EUR 100 million in EFSD+ guarantee capacity, will serve to mobilise sustainable investment into digital infrastructure and digital service platforms in Sub-Saharan Africa. Africa Connected forms an integral part of the Global Gateway Strategy, enhancing the digital connectivity in Sub-Saharan Africa, especially in Least Developed Countries and countries in fragile context.

Key Details of Programme:

  • Geographical Focus: up to EUR 100 million guarantee capacity in Sub-Saharan Africa, with a focus on Least Developed Countries and countries in fragile context.
  • Sectoral Focus: The Programme targets digital infrastructure providers and digital platform businesses.
  • Gender Equality: The Programme is committed to promote gender equality via its investments into the digital sector.

Background

The Global Gateway Forum

The Global Gateway Forum brings together an assembly of government representatives from the European Union and across the globe, alongside key stakeholders from the private sector, civil society, thought leaders, financial institutions, and international organisations to promote global investment in infrastructure.

During this landmark occasion, a series of strategic investment announcements and agreements with partner countries are being presented, marking a significant leap towards the implementation of the Global Gateway strategy. These announcements not only underscore the tangible worldwide impact of Global Gateway but also provide a platform for governments and businesses to engage in critical discussions surrounding its priorities.

The Global Gateway Forum highlights a collective commitment to fostering sustainable growth and resilience worldwide through a Team Europe approach.

Global Gateway

Global Gateway represents the European Union’s effort reduce the worldwide investment disparity and boost smart, clean and secure connections in digital, energy and transport sectors, and to strengthen health, education and research systems. It provides sustainable investment opportunities to enhance the prosperity and security of our global partners and Europe alike.

The Global Gateway strategy embodies a collaborative approach that brings together the European Union, EU Member States, and European development finance institutions. Together, we aim to mobilize up to €300 billion in public and private investments from 2021 to 2027, creating essential links rather than dependencies, and closing the global investment gap.

Team Europe stands out with a compelling proposition for democratic partner nations, focusing on sustainability across social, environmental, and financial aspects, promoting long-term drivers of growth through a comprehensive 360-degree approach, encompassing both hard and soft infrastructure, and reinforcing the resilience of nations seeking strategic autonomy.

About Finnfund

Finnfund is a Finnish development financier and impact investor. We build a sustainable future and generate lasting impact by investing in businesses that solve global development challenges. We invest 200–250 million euros in 20–30 companies in developing countries each year. Our focus sectors include renewable energy, sustainable forestry, sustainable agriculture, financial institutions, and digital infrastructure and solutions. Today Finnfund’s investments, commitments, and investment decisions total about 1.22 billion euros, half of them in Africa. The company has 100 employees based in Helsinki and Nairobi. For more information, please visit www.finnfund.fi

More Information

Global Gateway Forum

Global Gateway

Finnfund

Latest article