The European Union has announced the launch of a $47.46 billion Africa Economic Development Fund aimed at helping Nigeria and other African countries drive economic growth and development.
According to the Vice-President of EU Digital Single Market, Andrus Ansip, at a press conference in Lagos, the EU is developing a strategic framework for the implementation and disbursement of the fund. He said the EU was also designing security measures to ensure it is effectively and efficiently disbursed.
He said the fund would go a long way to reduce the number of refugees arriving in Europe. In a press conference, he said disbursements from the fund would be available in first quarter 2018, providing credits to help developing economies cover identified risks to attract foreign direct investments.
In the latest of a number of measures pushed by the European Union to stop refugees reaching Europe Italy launched a new fund of €200 million a week ago to help African countries control their borders.
On Friday last week, EU leaders also gave their backing to a new drive to stem African migration to Europe.
It includes stepping up training of Libya's coastguard and financing for UN agencies for refugees and migration to improve conditions for refugees in Libya.(MoFA)