Michael Kohler speaks during the conference at Phoenicia Hotel in Beirut, Tuesday, Feb. 6, 2018. (The Daily Star/Hasan Shaaban)
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Traditional development aid isn't sufficient to meet the needs of most countries, it has long been said, but now action is being taken to move beyond such aid delivery. Through the European External Investment Plan, a comprehensive program for sustainable economic development conceived two years ago, the European Union is investing in the public and private sectors throughout Africa and the MENA region, including Lebanon.During a conference in Beirut, the European Union unveiled Tuesday their ambitious EIP, which is designed to boost investments and support more inclusive and sustainable development in the European Neighborhood and Africa.This includes offering technical assistance, for which 90 million euros ($111.4 million) is set aside, and encouraging a favorable investment climate. The goal by 2020 is to mobilize 44 billion euros in private and public investment for sustainable development in 16 countries in the MENA region and 52 in sub-Saharan Africa.
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