AT the just-ended Global Gateway Forum in Brussels, Belguim, a groundbreaking agreement was inked between the European Commissioner for International Partnerships, Jutta Urpilainen, and the CEO of Finnfund, Jaakko Kangasniemi. This significant pact, known as the Africa Connected Programme, is set to drive more than €1bn in sustainable investments into digital infrastructure and digital service platforms in sub-Saharan Africa.
Under this agreement, Finnfund will take on the role of a first-time implementing partner of the European Fund for Sustainable Development Plus, which serves as the financial arm of the Global Gateway initiative.
The Africa Connected guarantee programme, with a guarantee capacity of up to100 million euros, aims to attract sustainable investment into digital infrastructure and digital service platforms in sub-Saharan Africa. It forms a crucial part of the Global Gateway Strategy, particularly enhancing digital connectivity in sub-Saharan Africa, with a special focus on Least Developed Countries and countries in fragile contexts.
Key details of the programme:
- Geographical focus: Up to 100 million euros guarantee capacity in sub-Saharan Africa, with a focus on Least Developed Countries and countries in fragile contexts.
- Sectoral focus: The Programme targets digital infrastructure providers and digital platform businesses.
- Gender equality: The Programme is committed to promoting gender equality through its investments in the digital sector.
In her statement, Commissioner Urpilainen emphasised, ‘The EU and Finnfund share a vision for a more connected and economically empowered digital future for sub-Saharan Africa. The guarantee presented today will help mobilise sustainable private investment to realise that vision, also in Least Developed Countries. I am delighted to welcome Finnfund putting Team Europe into action. Through Global Gateway, we are improving access to finance for digital infrastructure providers and digital platform businesses.’
CEO Kangasniemi echoed these sentiments, saying, ‘Digital infrastructure and solutions sector is a priority for Finnfund. We see digitalisation as a necessary condition for development and a critical component to meet the sustainable development goals. We are very excited about the signature of the Africa Connected guarantee program with the European Commission. The programme will allow us to accelerate investments in impactful digital infrastructure and solutions companies in Africa. In cooperation with the Commission, we will be improving connectivity and usage of digital services in the region. This will, in addition to promoting economic growth, improve living standards and inclusivity through increased access to financial, education, and healthcare services. We are very happy to initiate collaboration with the European Commission and contribute to the Global Gateway Strategy.’
The Global Gateway Forum
The Global Gateway Forum serves as a platform where government representatives from the European Union and across the globe, along with key stakeholders from various sectors, come together to promote global investment in infrastructure. It marks a significant milestone for the implementation of the Global Gateway strategy and includes strategic investment announcements and agreements with partner countries. This demonstrates the tangible worldwide impact of Global Gateway and provides a space for discussions on its priorities.