In an exciting development, the Fertilidea team, spearheaded by the CEO of African Business Exchange Italy Mr. Silas odiero, arrived in Zambia on the 28th of January 2024 hot on the heels of a fruitful encounter with H.E The President Hakainde Hichilema of the Repubic of Zambia during his official visit to Rome. The anticipation surrounding their arrival is palpable, marking the beginning of a promising chapter in cross-continental collaboration.

Upon touchdown, the team was graciously welcomed by Mr. Albert Halwampa, the esteemed Director General of ZDA (Zambia Development Authority), along with his dedicated team. This pivotal moment captured in the photograph signifies not only the commencement of a new partnership but also the convergence of expertise and ambition.

Silas Odiero

In a landmark moment of diplomatic synergy and agricultural advancement, His Excellency Hakainde Hichilema, President of Zambia, embarked on a state visit to Italy on November 21, 2023. Among the numerous agendas fostering bilateral relations and exploring avenues for cooperation, one particular highlight stood out – the introduction of Fertilidea, an Italian organic fertilizer manufacturing company, to the Zambian market.

Captured in this photograph is a pivotal moment where President Hichilema, renowned for his visionary leadership and commitment to sustainable development, engages in discussions with representatives from Fertilidea. Against the backdrop of Rome’s timeless architecture, the scene epitomizes the convergence of diplomacy and innovation.

With Zambia’s agricultural sector poised for growth and Italy’s expertise in organic farming practices, the partnership between Fertilidea and Zambia holds immense promise. As President Hichilema and the Fertilidea team exchange ideas and explore opportunities, they pave the way for a future marked by mutual prosperity and environmental stewardship.

This photograph encapsulates not only a single moment in time but also the seeds of collaboration sown between nations, transcending boundaries and fostering a shared vision for a more sustainable future.

The story is partly one of reduced demand. Most cobalt goes into the battery packs which power smartphones, tablets and laptops. Appetite for these, already strong in the 2010s, exploded during the covid-19 pandemic. It has since waned as people spend less time staring at their screens: as demand for consumer electronics fell, so did that for cobalt. Even a boom in electric vehicles has not been sufficient to counteract this, since manufacturers have done their best to reduce use of the formerly super-expensive metal.

At the same time supply is rising, and fast. Susan Zou of Rystad Energy, a consultancy, forecasts that Congolese production will jump by 38% this year, to 180,000 tonnes. Most striking is a surge in Indonesian exports, which are projected to hit 18,000 tonnes this year, up from virtually none a few years ago. The world could find itself swimming in cobalt.

In other markets low prices would force producers to shut mines. Not for cobalt. The price has already fallen below many miners’ break-even point. Yet Glencore, the world’s biggest, said on February 15th that it may keep output nearly unchanged this year, having cranked it up in 2022; China Moly, a rival, is about to open a new facility that may yield 30,000 tonnes a year (equivalent to 16% of the world’s output in 2022). Big firms can tolerate low prices because cobalt is a by-product of the extraction of copper and nickel, both of which remain pricey.

Credit: Mark-Anthony Johnson

Botswana and De Beers mine diamonds together under an equally-owned joint venture, Debswana.

Three-quarters of Debswana’s production, which was 24 million carats in 2022, is sold to De Beers. The balance is sold to state-owned Okavango Diamond Company(ODC), which was set up under the current 2011 sales deal as Botswana sought to market gems outside the De Beers system.

Botswana supplies 70% of De Beers’ rough diamonds.

Last month, Masisi threatened to walk away from talks to renew the sales deal unless Botswana gets a larger share of output from the joint venture. He did not specify the size of the share it sought.

Masisi told reporters on Thursday that Botswana had denied itself the opportunity to sell its own diamonds through the 54 year-old joint venture agreement.

He added that the experience of selling diamonds outside the De Beers system, which sells unpolished, or rough, stones, had shown that Botswana could get more revenue.

“Besides the fact that the diamonds are ours, it doesn’t make sense for us to continue to relegate ourselves to participating in the rough space only. So, it’s only logical that we want more and we are going to get more. But through negotiation,” Masisi said.

De Beers was not immediately available to comment.

Last month, a De Beers spokesperson told Reuters the company was confident that the Debswana partnership would continue, adding “the arrangement must make economic and strategic sense for both parties”.

De Beers says Botswana’s government receives more than 80% of returns from Debswana, including taxes and royalties.

The Anglo American Plc AAL.L unit, which also has mines in Canada, Namibia and South Africa, sold rough diamonds worth $4.3 billion in 2022, a 13% increase over the 2021 sales. ODC’s sales were $1.2 billion in 2022, up from $963 million in 2021.

Credit: Mark-Anthony Johnson

What you should know: The Africa Visa Openness Index (AVOI) measures the extent to which African countries are open to visitors from other African countries. The index analyzes each country’s visa requirements to show which countries on the continent facilitate travel to their territory.

For each country, the AVOI calculates the number of African countries whose citizens must obtain a visa before travelling there, the number of countries whose citizens may obtain a visa upon arrival, and the number of countries whose citizens do not need a visa to enter. Each country is then assigned a visa openness score and ranked accordingly.

First published in 2016, the AVOI also tracks changes in countries’ scores over time. This shows how countries’ policies are evolving as regards the freedom of movement across Africa, and how visa-related policy changes can have a significant impact on the ease with which citizens of African countries can travel to other countries, and on countries’ ranking on the AVOI. The report also notes other relevant integration developments on the African continent and links these to the movement of persons, where such changes are often complementary to, or indeed dependent on one another.

Data for the 2022 edition was collected in July and August. The main sources of information were the International Air Transport Association and countries’ official websites.

Credit: Mark-Anthony Johnson

The trajectory of Africa’s catapult into the subsequent 50 years of the founding of its Organisation of African Unity (OAU) – the forerunner of the African Union (AU) – was laid at the organisation’s 50 anniversary in 2013, when the continent’s leaders met at their annual meeting and signed the 50th Anniversary Solemn Declaration. It was here where the African Heads of State gave rise to Agenda 2063, which sets the tone for the transformation of Africa into an economic powerhouse for the following fifty years and by that token achieve inclusive and sustainable development for its people in line with the United Nations Sustainable Development Goals (SDG’s). It is a step taken to move away from the more politically inclined objective of attainment of independence from colonial rule to one that gives prominence to socio-economic transformation. As such, the Agenda places high: improving living standards; transformed, improved sustainable economies; an integrated Africa; empowered women, youth and children; and a well governed, peaceful and cultural centric Africa in the global context. Agenda 2063 provides the guiding light on what Africa believes it needs to do to attain COVER STORY Africa Postures itself as the economic epicentre of the World. BY SILUMELUME MUBUKWANU ( Counsellor for economic affairs, embassy of the Republic of Zambia, Rome) these lofty objectives. At the centre of Agenda 2063 is 12 key flagship projects which the continent has planned to undertake in attaining those objectives. These are: construction of the Integrated High-Speed Train Network; formulation of an African Commodities Strategy; establishment of the African Continental Free Trade Area; the African Passport and Free Movement of People; silencing the guns by 2020; Implementation of the Grand INGA Dam Project; establishment of a Single African Air Transport Market; establishment of Annual African Economic Forum; establishment of the African Financial Institutions; the PanAfrican E-Network, Africa Outer Space Strategy; an African Virtual and E-University; Cyber Security and Great African Museum. Agenda 2063 also espouses the following continental frameworks: the Comprehensive African Agricultural Development Programme (CAADP), the Programme for Infrastructural Development in Africa (PIDA), the African Mining Vision (AMV), Science Technology Innovation Strategy for Africa (STISA), Boosting Intra African Trade (BIAT), Accelerated Industrial Development for Africa (AIDA).

The idea of setting up the Pan-African Free-Trade Area or Continental Free Trade Area (CFTA) was occasioned by the realisation that of itself and within itself, Africa needs to engage more in intra-African trade as a catalyst for inclusive sustainable development. The African market, which is a sizeable 1.2 billion people, provides for a huge market for anyone who cares to tap into COVER STORY the market. Currently intra-Africa trade ranks the lowest at an estimated 10% compared to its intercontinental trade markets of Europe, America and Asia at 40%, 30% and 20% respectively. Boosting of intra-African trade calls for the production of good quality products that can compete favourably with inter-continental imports.

In addition, engaging into value addition of primary goods which are usually exported from Africa at a much less profitable rate than the finished products Africa imports from the rest of the world, is an area that is hungry for investment. The foregoing therefore, provides a huge platform upon which investment into activities that add value to primary products can be engaged in. To that end, deeper international cooperation would contribute significantly to production of good quality products and enhanced technological advancement becomes key. The private sector and academia become critical to the attainment of such a state of affairs. As such, investment which directs itself to these critical aspects, is likely to benefit more in high returns in the long run as the African market begins to adopt more of its own products that would have been produced locally by good quality enterprise. Those that choose to invest on the continent, can only benefit from producing within the Free-Trade Area through the numerous incentives that come with producing within the Free-Trade Area such as those that exist under Rules of Origin. In addition to being in the Free-Trade Area, international companies that have ventured into Africa on their own or through Joint Ventures, now have a plethora of projects to participate in as the continent seeks to achieve the objectives of its Agenda 2063 flagship projects. Notable in this regard, is Chinese investment which has seen the numerous opportunities that Africa presents as the next frontier for global business. If China can make this recognition, the rest of the developed world ought to pay attention to that reality and examine the reasons why they should express concern on the by-lines, instead of taking the initiative to address the bottlenecks that stop them from participating favourably. In conclusion, it is worth reiterating that Africa has laid the requisite foundation for business to engage and flourish within that space. The future can only be brighter as the transformation of the continent takes firmer root. The political, socio-economic platform continues to improve in comparison to what things were in the first 50 years, giving rise to brighter prospects for those who wish to venture into the African environment. It is therefore advised that closer engagement with the continent, for mutually beneficial partnerships, through various avenues including its outposts in the diaspora be undertaken, particularly among the various diplomatic missions in the European sub-continent who should be on hand to provide more information.

The product also remains one of the top foreign exchange earners for the country alongside tourism, horticulture, and coffee.

The Eastern African nation has also recently emerged as a major source of innovation in new varieties of tea and single origin artisan teas. Over 60 percent of Kenyan tea is produced by scale farmers and marketed through the Kenya Tea Development Agency (KTDA).

Market

Kenya’s top 10 traditional tea markets account for over 80 per cent of the exports to over 30 destinations.  Pakistan remains the main buyer of the produce. Recent industry performance indicates that Karachi, Egypt, United Kingdom, United Arab Emirates, Russia and Sudan among other top buyers accounted for the lion’s share of the commodity. Exports to Pakistan for instance, was 14 million kilograms in the period under review (February 2017-February 2018) – a growth of 55 per cent from the same period last year when exports to the country were nine million kilos.

Egypt maintained the second position at 7.5 million kilograms with the imports having increased by 28 per cent from 5.5 million kilos last year, while UK came in third after buying 4.1 million kilos in the same period. The volumes to UK grew by a significant 48 per cent as fears arose that export would drop following after the exit of Britain from European Union (Brexit). Experts warned that after Brexit, there could be a drop in volumes of tea that the UK imports from Kenya due to anticipated decline of its (UK) re-export market to other nations.

The UK is a major re-exporter and in 2014 it exported 17 per cent of the beverage it imported, with countries such as Republic of Ireland, Germany, Poland and France its major markets.

Export destinations declined from 44 countries to 39 countries in the period under review.

Among the emerging markets that recorded significantly higher tea imports from Kenya included Sri-Lanka, Switzerland, Somalia, the US, India, Ireland, Turkey, the Netherlands, Iran, Indonesia, Japan and Oman.

Kenya is trying to open up new markets and expand the existing ones such as China, which has the potential of buying more of the local beverage, to protect farmers from low earnings.

Local tea consumption for February 2017 stood at 2.20 million kilos against 2.26 million in the 2016 period.

Prices

Tea prices in the world’s biggest exporter of black tea hit record high this year as buyers stocked up over fears that drought in the country would affect production.

The average price for Best BP1’s leapt to $5.01 per kg from the traditional record of $4.00-$4.7 per kg. “Brighter BP1’s met very strong competition and gained $0.34 to $0.66,” a regular market report by the Africa Tea Brokers said.

Forecasts of better than average rains due to begin in October have failed to dampen prices for the best tea, although prices for some lower quality grades fell. There was good but irregular demand for the 77,529 packages (4.9 million kgs) on offer with much tea remaining unsold (19.81 per cent).

Best BP1s fetched $5.06 – $5.01 per kg up from $4.72-$4.22 per kg, at the last sale, while top PF1s changed hands at between $3.58-$3.334 per kg down from $3.70-$3.50 per kg.

Kazakhstan was dominant especially on best BP1s while Pakistan Packers, Yemen and other Middle Eastern countries showed more interest with Egyptian Packers quieter at the start but was more active towards the close.

Tea Prospects for 2018

According to the country’s Agriculture and Food Authority Tea Directorate, tea export earnings are forecast to rise further this year (2018), while total output is expected to improve after a fall in production last year (2017).

Export earnings will rise 5 percent in 2018 to 135 billion shillings ($1.33 billion), while total output is expected to hit 452 million kg buoyed by good weather conditions, after drought had cut the country’s production in 2017, the directorate said in a statement. Total export earnings rose to 129 billion shillings in 2017 – the highest in five years – from 120 billion shillings a year earlier, while total output was down 7 percent to 439 million kg.  Drought hit many parts of Kenya’s farming areas in early 2017, affecting the output of tea while processing factories received fewer deliveries. Export volumes were seen rising slightly to 423 million kg this year from 415 million kg a year ago, the directorate added. The average price per kg of tea at the Mombasa-based auction was expected to rise to $3 per kg from $2.98 per kg last year.

Kenya’s main tea export markets are Egypt, Sudan, Afghanistan, Pakistan, UK and UAE with emerging markets including Angola, Vietnam, Philippines, Azerbaijan, South Korea, Czech Republic, Myanmar and South Sudan.

Challenges

Weak trend in the export price of tea. This export price problem is as a consequence of worldwide tea export increases, which has occurred more rapidly than world consumption. Over the last ten years, there has been a consistent surplus of tea supply into the world market, this has had the effect of depressing auction prices. The dollar price released for Kenya tea is at the same level as it was 10 years ago. This problem can be solved by a number of measures, some of a long-term nature, while others can be implemented immediately. Regulating the supply of tea into the world market has also been suggested.

Rising costs of production. This applies most forcibly to the estate sector where labour account for some two thirds of production costs ex-factory. The main problem arises from the pattern of wage awards imposed on the industry. Since 1990, the basic wage rate has risen 10 times; in fact since 1998 it has gone up by more than 50 percent. The danger signals are evident: small producers have been resigning from the industry body in order to escape the statutory basic wage award.

Lack of credit facilities is a major concern to the small-scale farmers. Poor infrastructure, unreliable electricity, high costs of fuel and packaging materials further increase production costs. The factories have been the hardest hit by the ban on procurement of wood fuel from the forest. This is because they rely on wood fuel to cure the tea. Since the ban was effected three years ago the factories have been forced to procure fuel from farms where trees are rare and therefore sold at exorbitant prices.

Negative publicity by some churches is a challenge the tea industry has to overcome. Many do not know the benefits of consuming tea. A study conducted by Dr. Weilsburger director meritus at the American Health Foundation, consuming tea has health benefits. Among the many benefits, tea extracts have been shown to cause cancer prevention these tea extracts prevent the growth of breast cancer and prostate cancer cells.

The formation of this free trade area in Africa If ratified by all the 44 countries will become one of the world’s largest trading blocs and will create a single market of 1.2 billion people with a combined gross domestic product of more than $2 trillion. One of the key players who offered support to ensure the conceptualization of this continental agreement, United Nations Conference on Trade and Development (UNCTAD) states that cutting intra-African tariffs could bring $3.6 billion in welfare gains to the continent through a boost in production and cheaper goods. This lacked before when the continent had three separate trading bloc; Common Market for Eastern & Southern Africa (COMESA), Southern African Development Community (SADC) and, the East African Community (EAC).

However, key players and the continents largest economies, South Africa and Nigeria were missing raising concerns about the pact; the two represent $700 billion — or one-third — of the $2.1 trillion in gross domestic product across all the 55 African countries. They argued they were still conducting internal negotiations on some protocols in the pact.

This agreement is also part of the AU’s Agenda 2063, a long-term plan for continent-wide political, social and economic integration and development and critics argue the single trading bloc will not work where individual sub-regional ones have failed but will rather build on previous trade gains and will result in the whole being larger than the sum of its parts.

Key Benefits

The pact will benefit Africa in at least six mutually reinforcing ways. First, it will generate the momentum for the creation of similar arrangements for the 11 countries (including two leading economies, Nigeria and South Africa).  It is also a much larger market whose free flow of goods and services will help to maintain economic growth at over 7 percent per year. At this rate, the combined Gross Domestic Product (GDP) of Africa is projected to reach $29 trillion by 2050, which would be equal to the current combined GDP of the EU and the US. With additional policies, such growth will contribute significantly to spreading prosperity and reducing poverty.

Additionally, the treaty will serve as an impetus for investment in Africa’s cross-border infrastructure. It is estimated that Africa needs to invest nearly $100 billion annually in infrastructure over the next decade. Less than half of this target is met currently. Also, the prospects for the larger markets and supporting infrastructure will spur industrial development.

This will not only create jobs but it will also have the added advantage of diversifying Africa’s economies that are largely dependent on raw materials. The associated technological development will lead to the creation of new industries.

Also, the signal of larger markets will help to stimulate trade in services. The first beneficiary is likely to be the financial sector, which will be able to lend to larger industrialists seeking to benefit from economies of scale. Such financial services will reinforce the increase in cross-border investments by emerging African firms that are serving as regional champions of industrial development.

By being part of larger markets, small African countries will no longer be restricted to producing their traditional products. With better policies and human resources, they can become the locus of new manufacturing operations that serve wider markets and finally by providing a single economic space with harmonized trade policies and a regulatory framework, the AfCFTA solves the problem of multiple memberships, rationalizes trade negotiations, reduces the cost of doing business, supports industrialization, and stimulates cross-border infrastructure projects.

In the film, Mazrui shows how European colonialism destroyed Africa’s ability to make its own things- a trick he termed as Predatory capitalism.

He gives the example of the Balunda, the Baluba and the Basanga people of what is today the DR Congo, who used clay produced by termites to smelt copper from which they made all manner of farming implements, weaponry and even decorations.

However, the coming of Western imperialism through predatory capitalism and appropriation of resources killed local industries.

“…and then the Europeans came. Did they want to learn from the technology they found here? Oh no! At least the Baluba and the Balunda had consulted the technology of the termites and benefited from it. But European technology was more arrogant more self-confident and less compromising. It abolished the old technological order and in its wake it left new forms of desolation in Africa.”  Mazrui said.

As Africa is now too good to ignore, global economic giants such as China, United States, France and the United Kingdom scramble for its share.

Among the four, China is coming out strong just like the European technology.

A case in point is two months ago when Investors at the Nairobi Securities Exchange incurred a loss of Sh118.7 billion as a result of tension in global trade, sparked by looming trade war between the U.S. and China.

According to Kenyas Central Bank Weekly statistical bulletin,  all indices and market capitalization declined, slowing post dividend growth momentum when the bourse recorded an equity turnover growth of 46.82 percent. 

So how and why, are they doing it?

A story is told in the Financial Times of how China set its foot in Africa way back in the 15^th century when shipwrecked sailors from the fleet of Zheng landed in an island off the northern coast of Kenya Pate Island.

The Chinese explorers reached the east coast 500 years ago swapping Chinese treasures with African exotica such as Ivory Ostriches and Zebra’s.

The contact was later consolidated under Mao Zedong with anti-colonial solidarity and the construction of engineering works, notably the 1,860km Tanzam railway linking Zambia with the Tanzanian coast.

Fast forward to today, the Asian economic powerhouse is undertaking the China Belt and Road Initiative to connect Asia, Africa and Europe.

It is a state-backed project for global dominance aimed at connecting China to 65 other countries that account collectively for over 30 percent of global GDP, and  62 percent of the world population.

Monetary-wise, Chinas debt held by Africa stands stands at $143 billion up from $50 billion in 2006 atleast according to Kenyas Standard Media.

This is exclusive of the $60 billion China’s President Xi Jinping pledged to African governments during the recently held Forum on China-Africa Cooperation (FOCAC) summit in Beijing.

The pledge is to be given as $20 billion in new credit lines, $15 billion in foreign aid: grants, interest-free loans and concessional loans, $10 billion for a special fund for development financing and $5 billion for a special fund for financing imports from Africa.

Jinping also urged Chinese private companies to invest not less than $10 billion in Africa in the next three years.

According to data from the China Africa Research Initiative, China has disbursed loans to atleast 48 African countries. Angola is the top recipient of the Chinese loans, with $42.8 billion disbursed over 17 years.

Ethiopia follows in second position with $13.7 billion, Kenya is third at $9.8 billion.

The East African nation currently owes the Asian country $5.5 billion slightly below debt to World Bank that stands at  $5.8 billion.

The two lenders alone now account for about one fifth of Kenya’s total public debt load, which has already crossed the $50 billion mark.

In fourth and fifth position is the Republic of Congo and South Sudan owing the Chinese $7.42 and $6.49 billion respectively.

A majority of the lending is used for infrastructure development.

Sri Lanka Example

It is said that when a deal is too good, we should think twice.

This is exactly where Africa, once labelled a dark continent by the West is. Its sweet-sour position has seen some of its countries surrender its precious assets to repay the debts.

For instance, In December 2017, Sri Lanka formally handed over Hambantota Port to China on a 99-year lease after struggling to pay loans from the Chinese nation.

Reports by the New York Times, noted that Sri Lanka politicians said the Hambantota deal valued at $1.1 billion, was necessary to chip away the debt estimated to be more than $8 billion.

Word on the streets early last month was that China, famous for its iconic great wall would lake over Zambia’s National electricity supplier- ZESCO as a guarantee to its debt.

However the Edgar Lungu led Nation has since denied the rumors.

Even as China continues to play santa clause to desperate African Nations, the United states considered Africa’s largest donor is not becoming uncomfortable.

In August, US Senate raised concern about high infrastructure debt issued to developing countries by China under the Belt and Road Initiative. It termed Chinese funding as ‘predatory’.

A letter dated August 3, posted on Georgia senator David Perdue’s website, the senate raises concern about China’s debt trap diplomacy and negative effects of BRI to developing countries which latter turn to IMF for bailouts.

“We write to express our concern over bailout requests to the International Monetary Fund by countries who have accepted predatory Chinese infrastructure financing. The financial crisis illustrates dangers of China’s debt trap diplomacy to countries and security threats to US,’’ the letter said in part.

According to the letter, 23 out of 68 countries currently hosting BRI funded projects are at risk of debt distress while future BRI related financing in eight of those countries raises concerns about sovereign debt sustainability.

CARI reveals that the US disbursed $12 billion just to Sub-Saharan Africa in 2017, and $250 million to North Africa.

However Deborah Brautigam, CARI director says that “This could change under the Trump administration’s budget cuts.”

On the other hand, in her visit to Africa in August, UK Prime minister Theresa May pledged pledged $5.2 billion in support for African economies, to create jobs for young people.

In addition she pledged a shift  in aid spending to focus on long-term economic and security challenges rather than short-term poverty reduction.

Data from the United Nations Conference on Trade and Development shows that UK direct investment in Africa was $55.51 billion compared with $57.59 billion from the US.

As the scramble continues, the rest of the world can only watch if African Nations and its leaders will resist the easy to get Chinese loans or (just like T’challa in the fiction movie Black panther) it will rally its muscles and release full power of Black Panther to defeat its foes and secure the safety of its people.

The funds for the Plan relating to investment will be assigned to suitable financial institutions, identified by the European Commission. These include: European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD), African Development Bank (Afdb), French Development Agency (AFD), Cassa Depositi e Prestiti (Cdp), Spanish Society for development finance (Cofides), Deutsche investitions undeEntwicklungsgesellschaft (Deg), Kreditanstalt für wiederaufbau (Kfw), Spanish Agency for International Development Cooperation (Aecid), Nederlandse Financierings-maatschappij voor ontwikkelingslanden (Fmo), Promotion and participation for coopération économique (Proparco).

Submiting a project

Companies interested in benefitting from EIP or wishing to make an investment must contact the financial institutions selected to manage the investment phases, where they will find all the information on the available mechanisms. A portal and a secretariat dedicated to the Plan will also be activated, which, among other things, will be able to direct interested companies to selected financial institutions. Moreover, if the project does not present the conditions to be financed with the EFSD guarantee, the secretariat will provide a list of financial institutions active in the regions of interest.

An example, the Climate Investor One

The Climate Investor One (IOC) is a fund managed by the FMO, one of the financial institutions already accredited by the European Commission. Its goal is to provide sustainable energy at affordable prices in emerging markets. The fund provides support to energy projects from start to finish, trying to solve market failures and inefficiencies at every stage of project development. By improving the quality of projects, the CIO aims to attract private investors and finance for countries with low and medium-low income, particularly in Africa. The EU contribution to the Climate Investor One is 30 million euros for an amount of investments activated of 900 million euros.

More information can be found here:

https://ec.europa.eu/commission/sites/beta-political/files/external-investment-plan-factsheet_en.pdf

http://europa.eu/rapid/press-release_MEMO-17-3484_en.htm