According to Reuters, the two-day summit between the European Union (EU) and the African Union (AU) ended on February 18th in Brussels, where the EU’s headquarters is located.
Both sides agreed to restart the partnership and build a new common vision during the meeting.
The EU has launched an initiative to spend $170 billion on Africa over the next seven years, which is part of the “Global Gateway” plan announced by the EU late last year.
According to Liberty Times, to counterbalance China’s “One Belt One Road” initiative, the EU announced their “Global Gateway” plan on December 1st last year. The union expects to invest $339 billion globally between 2021 and 2027.
The Global Gateway will invest in software and hardware facilities, digital, climate, energy, transportation, health, and education for a more level playing field.
The EU also uses this summit to propose investment projects in Africa, including improving the continent’s networks, transport, and use of renewable energy.
According to Alex Vines, a researcher at Chatham House, support from the EU will be an incentive to provide Africans with more investment options.
The EU has become Africa’s largest trading partner in 2020, followed by China.
However, last year, the Financial Times said that Beijing had announced a one-third cut in the amount of money provided to Africa.
So, Liberty Times wrote that the Global Gateway intends to build a link between the EU and Africa along the Atlantic coast to increase connectivity between Europe and Africa.