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  • Author: Hannah Timmis, Mikaela Gavas
  • Publication Date: 01-2019
  • Content Type: Working Paper
  • Institution: Center for Global Development
  • Abstract: In 2017, the EU launched an ambitious programme of investment mobilisation in Africa and the Neighbourhood: the External Investment Plan (EIP). The EIP aims to increase the scale, impact, and coherence of EU-supported external investment by introducing various innovations to the European financial architecture, including a new guarantee mechanism and a unique “three-pillar” approach to investment support. The European Commission is proposing a significant expansion of the EIP under the EU’s new long-term budget, the Multiannual Financial Framework 2021–27, replacing the current plethora of investment tools and modalities with a single framework. This paper provides a comprehensive overview of the evolution of the EU’s complex external investment architecture. Based on interviews with stakeholders, it documents lessons learned during the EIP’s first year of implementation and proposes a series of options for the design and operationalisation of the new investment framework. To increase the additionality, development effectiveness, and efficiency of EU-supported external investment, it recommends that the European Commission improve the current architecture by providing greater policy steer to investors; increasing competition among institutions for investment support; clarifying linkages between the three pillars; setting clear guidance, fee structures, and standardised contractual terms; and strengthening management of investment tools.
  • Topic: Regional Cooperation, European Union, Finance, Investment
  • Political Geography: Europe
  • Author: Hannah Timmis, Mikaela Gavas
  • Publication Date: 01-2019
  • Content Type: Working Paper
  • Institution: Center for Global Development
  • Abstract: In 2017, the EU launched an ambitious programme of investment mobilisation in Africa and the Neighbourhood: the External Investment Plan (EIP). The EIP aims to increase the scale, impact, and coherence of EU-supported external investment by introducing various innovations to the European financial architecture, including a new guarantee mechanism and a unique “three-pillar” approach to investment support. The European Commission is proposing a significant expansion of the EIP under the EU’s new long-term budget, the Multiannual Financial Framework 2021–27, replacing the current plethora of investment tools and modalities with a single framework. This paper provides a comprehensive overview of the evolution of the EU’s complex external investment architecture. Based on interviews with stakeholders, it documents lessons learned during the EIP’s first year of implementation and proposes a series of options for the design and operationalisation of the new investment framework. To increase the additionality, development effectiveness, and efficiency of EU-supported external investment, it recommends that the European Commission improve the current architecture by providing greater policy steer to investors; increasing competition among institutions for investment support; clarifying linkages between the three pillars; setting clear guidance, fee structures, and standardised contractual terms; and strengthening management of investment tools.
  • Topic: Regional Cooperation, European Union, Finance, Investment
  • Political Geography: Europe
  • Author: Mikaela Gavas
  • Publication Date: 10-2019
  • Content Type: Policy Brief
  • Institution: Center for Global Development
  • Abstract: Despite their potential to achieve high development impact, projects in the poorest and most fragile countries, most in sub-Saharan Africa, are chronically underfinanced by Euro- pean development finance institutions and private investors owing to real or perceived low risk-adjusted returns. The External Investment Plan and its risk-mitigation tools, if struc- tured right, have the potential to mobilise investment where the need is greatest. To make this happen, the new European Commission should n clarify the strategic objectives of external investment and steer it towards leveraging high-risk capital for underserved markets; n explicitly focus assistance on the poorest countries through clear project selection criteria; n provide demand-driven technical assistance and oper- ationalise policy dialogue to improve the business envi- ronment; and n federate the development finance institutions focusing on steering policy, encouraging best practice, and har- monising procedures and results amongst the develop- ment finance institutions and multilateral development banks.
  • Topic: Diplomacy, International Cooperation, European Union, Investment
  • Political Geography: Africa, Europe, Sub-Saharan Africa