LUXEMBOURG, 24 March 2021 / PRN Africa / -- The EIB and the Portuguese Presidency of the Council of the EU welcomed policy leaders, business representatives, development financial institutions and academia at the High-Level EU-Africa Green Investment Forum (eib.org). Attended by more than 5000 people, the forum explored solutions from the public and private sectors to boost sustainable development and green investment in Africa.

In his opening remarks, Antonio Guterres highlighted the speed at which African countries are scaling up renewables, particularly solar and wind power, and stressed the need to accelerate investments in green technologies, climate adaptation and resilience as well as in start-ups.

Portugal Minister of State Antonio Santos Silva called for an enhanced dialog between EU and Africa and real partnership to support a green transition providing jobs and economic growth.

EIB President Werner Hoyer added : “Success in this process requires by-in at the global level, and the renewed commitment of the US in climate is certainly good news. Never have global partnerships been more important. The EU's Team Europe response to the pandemic has shown that by working with others, we can produce solutions that are quick and effective in bringing benefits to millions of people”.

Watch EIB President Hoyer's full address: https://youtu.be/LqZOJg7NNK4

European Commission President Ursula von der Leyen presented the Green Deal as the EU's new growth strategy and the centrepiece of recovery and affirmed that the same can be true for Africa: an African Green Deal for a stronger and more prosperous Africa.

To kick-off the discussions, Akinwumi A. Adesina, African Development Bank President called for innovative approaches to attract and steer financial flows towards low-carbon and climate resilient development.

In the first panel discussion, dedicated to boosting green and sustainable investment in Africa, EIB Vice-President Ambroise Fayolle underlined the importance of partnerships to build back better, such as between Team Europe and Africa, between and among Europeans and between Multilateral Development Banks and the private sector to deliver the climate targets.

To conclude the forum, alongside three members of the Portuguese government, EIB Vice-President Ricardo Mourinho Félix stated that investment needs across many sectors in Africa are huge and that institutions, governments and businesses are prepared to play their part. He added that the private sector should be encouraged to step-up investment, supported by favourable financing conditions and technical advice that the EIB and its partners stand ready to do.

During the day, the EIB announced new €350 million of green investment bringing green energy in Guinea, Mali, Chad and Comores and clean water in Malawi.

The Forum also welcomed many other development action leaders including Josefa Sacko, Commissionner for Agriculture, Rural Development, Blue Economy and Sustainable Environment, African Union, and Jutta Urpilainen, European Commissioner for International Partnerships and Odile Renaud-Basso, President of the European Bank for Reconstruction and Development.

If you missed the forum, the replay video will be accessible here: High-Level EU-Africa Green Investment Forum (eib.org)

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SOURCE European Investment Bank