Global Gateway Initiative officially launched at the EU Africa Summit
The EU Africa Summit closed on Friday, 18 February 2022, with the official launch of the Global Gateway Initiative (“Global Europe”). With a financing package amounting to 150 bn EUR, of which half will be dedicated to African countries, the EU seeks to build a new partnership and support post-Covid recovery and accelerate the green and digital transition of Europe’s neighbouring continent.
The Global Gateway Africa-Europe Investment Package will support the creation of strategic, sustainable and secure transport corridors and support value chains, services and jobs that can benefit industries in both Africa and Europe. The Strategic Corridors – 11 in total – underpin the territorial organisation through reliable networks and services. The 11 Corridors are widely covering the African continent with four corridors located in West Africa, two corridors in each Central, East and Southern East Africa and one Corridor covering North Africa.
The package includes EU and EU Member States’ bilateral aid in the form of both grants and loans. Through the blending of financing and guarantees, the EU seeks to share risks and thereby attract additional private funding both from Africa and Europe. The investment package will be delivered through Team Europe initiatives, whereby the EU, its Member States and European financial institutions will work together to support concrete and transformational projects jointly identified in priority areas.
Through the corridor approach and the underlying Team Europe Initiatives, the EU Commission hopes to accelerate opportunities for private projects. This ambition will be supported by a “one stop shop” for investors to channel and support a variety of infrastructure projects alongside the 11 corridors. The EU will fast-track its offer for Global Gateway investments to African partners through national and regional investment platforms. At regional level, hubs in Pretoria, Nairobi and Abidjan are envisaged. The EU Delegations will function as first points of contact and provide access points to national authorities and private sector.
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