Dubai – The importance of Africa‘s economic situation from the European perspective was demonstrated last November by the European Union‘s renewed push for billions of euros of investment there. With the conclusion of ten financial guarantee agreements with partner financial institutions, the European Commission has facilitated future investments of up to 10 billion euros in Africa for economic recovery from the Corona pandemic. Jutta Urpilainen, European Commissioner for International Partnerships, said: „These agreements will directly support people facing specific challenges due to Covid-19: Small business owners, the self-employed, entrepreneurs. They will also help finance a significant expansion of energy production from renewable sources.“ The November 2020 agreements complete the European Fund for Sustainable Development (EFSD), which is an important EU financial instrument to support investments in third countries. „Now our partners can use the plan‘s individual guarantees to mobilise billions of euros of much-needed investment, particularly in Africa“, Urpilainen stressed.