Africa RISE is now open for business

 

 

The European Union’s Africa RISE programme website is now up and running and the facility is ready to receive requests for support from across its 25 countries of operation: Angola, Botswana, Burundi, Comoros, Democratic Republic of the Congo, Djibouti, Eritrea, Eswatini, Ethiopia, Kenya, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Rwanda, Seychelles, Somalia, Sudan, South Sudan, Tanzania, Uganda, Zambia and Zimbabwe. Officially open for business, the programme aims to promote business development and improve the investment climate in Eastern Africa, Southern Africa, and the Indian Ocean in support of inclusive and sustainable growth, job creation, and decent work. 

Africa has the potential of becoming a global economic force. It has the youngest and fastest-growing middle class in the world. The continent's economic growth has the potential to accelerate and drive social and human development with new opportunities arising from the digital transformation, the demographic dividend, low-cost renewable energy, the green transition, and a low-carbon, blue and circular economy. At the same time, many challenges remain. In the countries targeted by Africa RISE, economic growth is among the lowest in the world, with similarly poor human development indices. Progress towards  the UN’s 2030 Sustainable Development Goals (SDGs) is behind schedule.  

Even before COVID-19, some countries were expected to see a decline in per capita GDP, and the African Development Bank estimates that over 25 million jobs will be lost across Africa because of the pandemic. Job creation is therefore more important than ever, but low-skilled, low-paid jobs do little to reduce poverty levels. A problem in most African countries is not unemployment, but under-employment – i.e. basic jobs, poor payment and no potential for progression. Investment is required to create jobs that are better paid and ‘decent’, and in sectors that offer not just economic potential, but are sustainable, inclusive and provide opportunities for youth and women. A clean circular economy with sustainable and fair value chains will be key for sustainable economies. Africa RISE will support sectors and value chains that can lead to green and sustainable growth. 

Running for the next four years, the Africa RISE programme will engage with local stakeholders to improve the business environment and investment climate. It will deliver technical assistance to strengthen access to finance and implementation of dedicated financial instruments, and to improve the investment climate for inclusive and sustainable growth, job creation and decent work.  

The support under the Africa RISE programme will bring expertise from Europe and Africa to provide TA aligned with the EU partnership with Africa on sustainable investments and jobs.