The European Union has announced a launch of a $47.46 billion Africa Economic Development Fund aimed at helping African countries drive economic growth and development.
With the new development African countries hope of attracting foreign investments have been renewed by the European Union.
According to the vice president of EU Digital Single Market, Andrus Ansip, the EU is already developing a strategic framework for the implementation and disbursement of the fund.
He maintained that the EU is also designing security measures to ensure the fund is effectively and efficiently disbursed.
He said the fund would go a long way in reducing the number of refugees who seek greener pastures in European countries, noting that in the last two years, Europe has experienced the greatest mass movement of people since the Second World War.