The African Economic Development Fund is to help accelerate African countries economic growth and most importantly, reduce the migrant numbers moving into Europe.
The fund is also going to help the digital industry in Nigeria which the EU sees as one of the areas with the strongest growth potential.
The vice president of EU Digital Single Market, Andrus Ansip, said the EU is already developing a strategic framework for the implementation and disbursement of the fund
“Our aim is to help developing economies. We have decided to create the European external investment fund which is meant to cover main risks to attract private investment,” He said.
In his words, this kind of fund was really efficient in the European Union where we created investment for strategic investment and we believe this fund will go a long way to help the African economy.
He pointed out that more than one million refugees and migrants have arrived in the EU, adding that EU has agreed on a range of measures to deal with the crisis.