Belgium, (Brussels Morning Newspaper) The European Commission and the European Investment Bank (EIB) have agreed to invest up to 26.7 billion euros in the Global Gateway strategy.
The two bodies signed an agreement to invest in the green push, digitalisation, healthcare, education and transport in the next seven years, the EC noted in a statement on Tuesday.
Olivér Várhelyi, European Commissioner for Neighbourhood and Enlargement, pointed out that the agreement with the EIB will help the EC to implement its economic and investment plans in the EU’s southern and eastern neighbourhoods.
He stressed that the EC’s plan is aimed at helping neighbouring countries to recover from the coronavirus crisis and catch up to the EU as far as development goes.
“Although each investment plan is individually designed for the region, it aims to build a faster and more sustainable road, rail and digital connections, decarbonise the economies, ensure safe energy supplies, create sustainable business opportunities and put conditions in place that make the young generation stay in the region,” he noted.
Jutta Urpilainen, European Commissioner for International Partnerships, added “The EU’s new Global Gateway strategy will help us connect Europe and partners across the globe, with investments in sustainable and high-quality infrastructure.”
Tool for strengthening influence
EIB head Werner Hoyer pointed out that “the agreement signed today is an essential tool to implement the Global Gateway strategy and support a green, digital and inclusive recovery worldwide.”
He stressed the importance of investing more in cooperation, partnerships and mobilisation of private capital, noting that the new agreement will help the EU to strengthen its global influence.
The Commission noted that the new deal is the largest guarantee agreement signed as part of the European Fund for Sustainable Development Plus (EFSD+) framework.
“It will support the green and digital transitions in EU partner countries and the implementation of the Global Gateway strategy, including the Global Gateway Africa-Europe Investment Package,” the body pointed out.
It added that the lion’s share of the money will go towards enlargement and neighbourhood countries, while a portion will help Ukraine to rebuild after the war.
The remainder is to be used for providing loans for projects in Asia, parts of Africa, Latin America and other parts of the world.