EU Launches $47 Billion Fund for Africa’s Economic Development

The European Union (EU) has launched a €44 billion ($47.46 billion) Africa Economic Development Fund aimed at helping Nigeria and other African countries drive economic growth and development.

The Fund, which would be made available for disbursements in .0first quarter 2018 as credit money, was designed to help developing economies cover identified risks to attract foreign direct investments as well as assist the digital industry in Nigeria which the EU sees as one of the areas with the strongest growth potential.