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European Union launches $171 billion investment plan for Africa

The announcement came ahead of the upcoming summit between the EU and the African Union next week.

European Union launches $171 billion investment plan for Africa

The European Union (EU) has launched a $171 billion investment plan for Africa that will include private sector investments as well as funding from the Union institutions and member countries to leverage private-sector investment.

It is the first regional plan of the European Union’s Global Gateway investment scheme, which aims to mobilize investments of up to $340 billion for public and private infrastructure around the world by 2027.

However, Commission President Ursula von der Leyen did not offer details about how the money would be raised or spent.

The Union has already announced plans to invest $1.8 billion in Morocco to produce green energy. Morroco now becomes the first country to receive funding under the Global Gateway investment scheme.

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