British PM announces support package for Africa

10 Jul 17

The British prime minister has announced a multi-million pound package of support for wealth creation in Africa.

Theresa May unveiled the measures at the G20 submit in Hamburg on Saturday as she called for global action to unlock the untapped economic potential of the continent.

The plans include £60m to support the ability of African nations integrate into global financial markets, paving the way for the City of London to work as a hub for African finance.

A further £61m will be released to boost trade infrastructure in Tanzania – including working with the World Bank to nearly double the capacity of Dar es Salaam port.

Somalia will receive £30m to build a functioning civil service as it recovers from conflict and neighboring Ethiopia will get £35m to attract investment. Rwanda is set to receive £11.8m for the same ends.

May said: “We must not forget that progress in Africa benefits the UK at home.

“Our international aid work is helping to build Britain’s trading partners of the future, creating real alternatives to mass migration, and enhancing our security, while simultaneously ensuring we abide by our moral responsibility to meet the immediate humanitarian needs of some of the poorest people on earth.

“This is the future of aid, delivering value for money for the taxpayer.”

The investment is aimed at tackling the issues in Africa that slow down the continent’s growth prospects such as poverty and natural disasters like drought.

It’s also includes measures such as developing insurance systems to respond to natural disasters, thereby limiting the need for expensive emergency, international aid.

The UK government said the package of support would also reassure private investors and help people rebuild their lives.

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