- EU launches first regional plan under the Global Gateway Investment Scheme.
- African states will receive €150 billion in funding.
The European Union (EU) has kicked off its first regional plan under the global gateway investment scheme, with African states set to receive €150 billion in funding. The project aims to support Africa for a strong, inclusive, green digital recovery and transformation.
The package will be delivered through Team Europe initiatives: the EU, its Member States and European financial institutions will work together to support concrete and transformational projects jointly identified in priority areas.
About €150 billion investments are anticipated in the targeted areas, such as tackling the global challenge of climate change. EU plans to work with Africa to maximise the benefits of the green transition and minimise threats to the environment in full compliance with the Paris Agreement.
The finance will cover clean hydrogen production in Africa. It would also help develop the renewable hydrogen sector by unlocking business opportunities for energy-intensive industries in both supply and demand.