EU chief unveils 171-bn-dollar investment plan for Africa

EU chief unveiled a record investment pledge for Africa, on Thurday. Just a week away from the sixth the European Union- African Union summit.

The European Commission President Ursula von der Leyen announced, on Thursday, a more than 171-billion-dollar investment plan for Africa as she met with president Macky Sall. The EU chief was in Dakar to meet President Macky Sall.

"Today I am proud to announce more than one hundred seventy one billion dollars through the Africa-Europe programme, she said**. This is the very first regional plan under Global Gateway, two months after the launch of the scheme. It will be led by the European team and implemented in partnership with you.**" However Ursula Von der Leyen did not offer details about how the money would be raised or spent.

"Partnership for shared growth"

The chairperson of the African Union, Macky Sall welcomed the annoucement: "Europe and Africa should work together, firstly because of our geographical proximity, the peace and stability of our two continents are closely linked. Secondly, with its human and natural resources and its development needs, Africa offers Europe opportunities for investment and partnerships for shared growth and prosperity."

The multi-billion dollars investment is part of the EU investment scheme for infrastructure. The European Union's Global Gateway investment scheme, which aims to mobilise investments of up to 340 billion dollars for public and private infrastructure around the world by 2027. It is seen by some as a response to China's Belt and Road initiative. The scheme will draw on private-sector investments as well as funding from EU institutions and member countries.

The EU chief arrived in Senegal on Wednesday to prepare for the EU AU summit scheduled on February 17-18. "At the summit, investments will be at the heart of the discussions because they are the means of our shared ambition," von der Leyen said.