EU unveils €1.6 billion investment in Morocco

According to European Commission President Ursula von der Leyen, the European Union would invest €1.6 billion ($1.8 billion) in Morocco to develop green energy.

Von der Leyen is in Africa for a two-country promotion of Europe’s new Global Gateway investment scheme. Morocco is the first country to benefit from the infrastructure initiative.

“This is a great opportunity for the green and digital transition,” von der Leyen wrote on Twitter after meeting the Morrocan Prime Minister, Aziz Ajanuch.

Global Gateway, often seen as a rival to China’s Belt and Road initiative, wants to attract up to €300 billion in investment. As an alternative to Chinese loans, it relies on both governmental and private sector investment.

“(Investment options in Africa) too often have hidden costs. The financial, political, environmental and social costs are sometimes very heavy. These options often create more dependency than real links,” von der Leyen said.