150 billion euros for investments in Africa under a global fund launched to offer an alternative to Chinese money, the European Commission said on this week.300 billion Global Gateway scheme, which was launched in December with the aim of strengthening Europe’s supply chains and fighting climate change in sectors including health, energy and transport.
It comes as many European states seek to reduce illegal migration from Africa, driven in part by poverty and joblessness, and as fossil fuel producers in Africa bristle against the strict carbon reduction goals set by richer nations to reduce global warming. European Commission President Ursula von der Leyen announced the regional plan at a news conference in Dakar with Senegalese President Macky Sall.At the launch of the Gateway fund in December, the EU said the money would come in the form of grants, loans or guarantees from EU institutions, governments, EU financial institutions and national development banks.
An EU source said the 150 billion could come in payments of 20 billion per year, of which only 6 billion would come from EU funds and the rest from EU states and private investors. China launched its Belt and Road project in 2013 to boost trade links with the rest of the world, and has been spending heavily on the development of infrastructure in dozens of countries around the world, not least in Africa.EU officials say the financing terms offered by Beijing are often unfavourable and opaque, and make some poorer countries, especially in Africa, dependent on China through debt.
Printing euro to corrupted African leadership don't solve your lies. European are bad new for century. Africain are fed up with your so cold help. We need development not a loan 🚮🚮🚮🚮🚮🚮🚮. Chinese are in Africa to stay, deal with it.
The fear of the Chinese is the beginning of wisdom 🤣🤣🤣🤣
Cheetahplains All that money is going back to Gucci, LV, Ferrari, Mercedes, the best western luxuries will be imported.
Cheetahplains 😂😂😂😂😂 they will loose everything, easier to just donate it & forget about it
We should refuse these Chinese, European and American investments, we have mines, we can print money out of Nothing by using Unmined Gold and rare elements as Collateral
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CyrilRamaphosa PresidencyZA GovernmentZA right now
Nosillaeel Watch most of those funds end up in Swiss bank accounts by despotic African rulers. Nothing ever changes.
Africa shouldn't accept this. EU could have made Africa a better place if they wanted to decades ago, but a less developed Africa suited their agenda until China came knocking...they must keep their money it's gonna grow in Europe where there is less risk, that's their mantra...
The rest of the World and EU might be awake in lunching effort to improve many sectors in Africa, but China has made Africa their second home and are heavily investing and even buying lands. wakeupAfrica
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