The European Commission, the European Investment Bank and nine EU member countries launched a trust fund on Thursday dedicated to develop infrastructures in Africa, Italian news agency Ansa reported. Italy, Austria, Belgium, Spain, the Netherlands, Luxembourg, France, Germany and Greece, together with the European Commission, have furnished the fund with a provisional EUR 87 mln. The EIB will invest other EUR 260 mln, bringing the total to EUR 347 mln. The move comes in the wake of approval by the European Council of a new European policy for Africa.

The trust fund is an innovative instrument which should facilitate a considerable increase in financing for infrastructure, according to Louis Michel, EU Commissioner for Development and Humanitarian Aid.