European Commission President Ursula von der Leyen announced on Thursday in Dakar that Europe intends to mobilize more than 150 billion euros to invest in Africa in the coming years.
“I am proud to announce more than 150 billion euros from the Africa-Europe program, this is the first regional plan under the Global Gateway,” she told reporters, referring to the European initiative launched by the European Commission in December.
The Global Gateway is expected to mobilize up to € 300 billion in public and private resources by 2027 on infrastructure projects around the world. Its inclination towards Africa probably sets the horizon for 2030, according to a document published by the European Commission.
The money will be given to renewable energy sources, disaster risk reduction, Africans’ access to the internet, transportation, vaccine production and education, the document said.
“For this reason, of course, we need the private sector, its expertise and its strong investment. We also need political volunteering at the highest level,” said von der Leyen, accompanied by Senegalese President Maki Sal.
The Global Gateway is considered to be a response to China’s “New Silk Roads”. In Africa, too, China is rapidly expanding its economic and political presence.
Ursula von der Leyen’s visit comes just days before the EU-African Union summit on 17 and 18 February in Brussels. The president of Senegal recently took over the presidency of the African Union.
“Investment will be at the heart of the discussions” at this summit, Ursula von der Leyen said. “In this area, Europe is the most reliable partner for Africa and by far the most important,” he added. The President of the Commission reiterated that the Global Gateway is rooted in “the values to which Europe and Africa are committed, such as transparency, sustainability, good governance and an interest in the well-being of the people”.
The Chinese or Russian rivals of Europeans in Africa are often accused of being less demanding in terms of protecting the environment or human rights.
Von der Leyen had pointed out in an interview with Agence France-Presse before her trip that foreign investment in Africa has “very often hidden costs, economic, political, environmental and social costs, sometimes very heavy”. She had lamented the “dependent” relationships she could create, a possible debt hint with Chinese sponsors.
The Senegalese president said he expected from the EU-AU summit “a renewed, modernized and more action-oriented partnership”. “Europe and Africa have an interest in working together,” because of their proximity and security implications, and the opportunities that Africa offers Europe, “with its human and natural resources and its development needs.”
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