Investment plan

EU unveils €150 billion investment plan for Africa | News | DW

European Commission President Ursula von der Leyen on Thursday announced funding for investments in Africa worth more than 150 billion euros ($170 billion).

Von der Leyen is traveling to two African countries to promote the European investment program Global Gateway. The head of the Commission made the announcement during a joint press conference with Senegalese President Macky Sall, who has just taken over the reins of the African Union.

“Today, I am pleased to announce more than €150 billion for the Africa-Europe program. This is the first regional plan under Global Gateway two months after the launch of the strategy,” said said von der Leyen.

The overall EU investment strategy

The Global Gateway initiative aims to invest €300 billion in public and private infrastructure projects across the world by 2027.

Funding comes from a combination of EU funds, investments from Member States and capital raised by European investment banks.

The program was presented by Brussels as a big step for the EU in strengthening its influence in the world.

The European Union said the Global Gateway Africa-Europe investment program would see EU members back projects in priority areas.

Investments will focus on green transition-based goals, including renewable energy generation and biodiversity protection by stabilizing 3 million square kilometers (1.16 million square miles) of land.

Support will also be provided for sustainable agri-food systems. Efforts will also focus on sustainable growth and job creation.

On Wednesday, von der Leyen announced a green energy investment plan for Morocco valued at 1.6 billion euros.

The investment plan is widely seen as a response to China’s Belt and Road initiative, which also aims to develop infrastructure around the world and started in 2013.

The EU announced the Global Investment Strategy in December as a way to kick-start the global recovery.

kb/text (AFP, Reuters)