BRUSSELS — The European Commission has formalized a guarantee agreement with Finnfund, the Finnish development finance institution, aimed at channeling more than 1 billion euros into the advancement of digital infrastructure and services in sub-Saharan Africa.

According to a new release by Africa News Agency, the agreement stipulates a 100 million euro guarantee to be granted to Finnfund, specifically targeting the least developed countries and those in fragile situations in sub-Saharan Africa. This guarantee will be supplied by the European Fund for Sustainable Development Plus (EFSD+).