The European Union must help Africa strengthen its institutions to attract the investment that will propel its economic growth and recovery from the ravages of the COVID-19 pandemic, Italy's deputy foreign minister Emanuela Del Re said on Tuesday.
"For the development of the African continent, private investment is now more than ever a necessity. The level of investments depends on the stability, on the solidity of the civil service and on a sound banking and credit system, " Del Re said.
"We must invest to strengthen our partners' institutions and improve the investment climate to consolidate the credit system. Only then will private investors consider making long-term investments."
Addressing a meeting of EU development ministers via videolink, Del Re said Italy believes that besides emergency aid, medical assistance and support for various economic sectors, food security is a key area in which Europe should help African nations recover from the COVID-19 pandemic.
"Italy's overseas aid is committed to promoting the link between humanitarian assistance, development and peace, in the belief that food security and nutrition are crucial to getting the best results," she said.