criticised for being less stringent on human rights and environmental protection in its investments, and for luring African nations into debt traps by offering large, unaffordable loans.
Against this backdrop, the President of the European Union, Ursula von der Leyen announced plans to invest €150 billion (US$169.08 billion), with the aim of making Europe the continent’s “most reliable” partner. The funds will be mobilised as part of the EU’s Global Gateway, an investment blueprint which seeks to mobilise up to €300 billion towards public and private infrastructure across the globe. The scheme, which uses funding from EU institutions and member countries, is also seen as a response to China’s Belt and Road Initiative.
According to a statement published on the EU website, the funds are aimed at boosting “smart, clean and secure” links in energy, transport and digital sectors and to strengthen health, education and research systems around the world. The EU President made this announcement during a recent visit to the Senegalese capital Dakar. Speaking to AFP ahead of her visit, von der Leyen said that foreign investments directed toward Africa often come with “hidden costs” attached, signalling to countries like China and Russia who are often accused of investing in developing nation as part of a manipulative global strategy.
For his part, the President of Senegal, Macky Sall, told reporters that he expected “renewed, modernised and more action-oriented partnership” to result from the EU- AU summit. “Europe and Africa have an interest in working together”, he said, referring to the geographical proximity of the two continents and their common security concerns, among other things.
