By CHARITY MOONGA –

THE EUROPEAN Union (EU) has pledged to remain the world’s most open market, importing up to 860 billion Euros worth of goods annually from developing countries.
The EU will also come up with trade schemes for developing countries and estimates indicate that the monetary value of these schemes will amount to more than 6 billion Euros annually.
This is contained in a statement  released at the on-going Third International Financing for Development conference in Addis Ababa, Ethiopia.
The four-day conference, which kicked off on Monday is dubbed: Sustainable Development after 2015.
The EU and its Member States will maintain their annual commitment of 8 billion Euros for Aid and Trade support and improve access to Aid for Trade for least developed countries (LDCs).
The organisation will also assist developing countries in providing energy access for 500 million people by 2030.
“Through substantial support to Sustainable Energy for All, the EU will allocate 3.5 billion Euros up to 2020 to the energy sector; this should leverage up to 30 billion Euros energy investments in developing countries,” the statement reads.
Additionally, EU budget support programmes, annual disbursements of about 1.6 billion Euros in approximately 80 developing countries, will continue to enhance public financial management of developing countries.
EU direct support to domestic public finance in developing countries amounts to 140 million Euros on average annually.
The EU will leverage more development funding through blending and seek further partnership with the private sector.
EU investments of up to 8 billion Euros should generate over EUR 40 billion from public finance institutions which should help mobilise over 100 billion Euros by 2020.
“The EU, working together with partner countries, will invest in key sectors such as infrastructure, energy and support to small and medium-sized enterprises with more than 500 new projects,” part of the statement reads.
On the private sector, the EU will invest over 2 billion Euros to support local private sector development and facilitate responsible and inclusive private sector investment in development by 2020.
The European Investment Bank (EIB) is investing in higher risk private sector projects with high social and environmental development outcomes through a 500 million Euros impact financing envelope.