EU planning $170-billion Investment program in Africa

According to EU President Ursula von der Leyen, the European Union (EU) will mobilize $170 billion in investment for development on the continent in order to establish Europe as Africa’s preferred investment partner.

The program, which was announced last Thursday at a press conference in Dakar, Senegal, is the first regional plan under the EU’s Global Gateway initiative, which aims to mobilize $340 billion to promote public and private infrastructure development internationally by 2027.

Renewable energy, natural disaster protection, internet access, transportation, vaccine production, and education would be prioritized throughout Africa, with a goal date of 2030.

“At the summit, investments will be at the heart of the discussions because they are the means of our shared ambition. In this area, Europe is the most reliable partner for Africa and by far the most important,” stated von der Leyen, referring to the upcoming EU – African Union Summit to be held in Brussels this week.