European Commission President Jean-Claude Juncker delivered Wednesday his 2016 State of the Union address, setting out key priorities for the year including the creation of an investment fund for Africa and other European Union (EU) neighbors.
“With economic growth in developing countries at its lowest level since 2003, this is crucial. The new Plan will offer lifelines for those who would otherwise be pushed to take dangerous journeys in search of a better life,” said President Juncker.
The proposal calls for the new fund to get 3.35 billion euros from the EU budget and the European Development Fund to support guarantees and other instruments to boost private investment and mobilize up to 44 billion euros of investments.
If EU Member States and other partners match the contribution, the total amount could reach 88 billion euros.
Noting the huge potential in the Middle East and Africa, EU High Representative for Foreign Affairs and Security Policy Federica Mogherini said, “European firms are already creating jobs and growth in our entire neighborhood and in Africa, for the benefit of our partners and of the European citizens. While creating the conditions for Europeans to expand their business and move into new countries, the new External Investment Plan will support our partners’ economies and societies, as well as our strategic foreign policy goals, from security to global development.”
In his State of the Union address, President Juncker also announced a series of other major initiatives, including increased investment in youth, jobseekers, and start-ups and sustainable growth, a new European Border and Coast Guard, and a European Defense Fund to boost research and innovation.
Support Independent Fearless Journalism
In today's media world controlled by corporates and politicians, it is extremely difficult for independent editorial voices to survive. RMN News Service has been maintaining editorial freedom and offering objective content for the past 10 years despite enormous pressures and extreme threats.
In order to serve you fearlessly in this cut-throat world, RMN News Service urges you to support us financially with your donations. You can choose the amount that you want to donate from the options given below.
You also can select any of the Payment Methods:
Offline Donation: To know our bank details for online bank transfer and payment by cheque in Indian rupees.
PayPal: To make payment by Credit / Debit Card or PayPal account.