The European Union is set to mobilize more than €400 billion ($464.5 billion) by 2027 through the Global Gateway program, which aims to boost investments in countries in the Global South, European Commission President Ursula von der Leyen announced on Thursday.
The Global Gateway initiative was initially designed to invest €300 billion from 2021 to 2027, with half of this targeted for Africa. The program serves as an alternative to China's competing investment scheme.
Projects under the Global Gateway focus on several key areas, including energy, transport, education, and scientific research. The program also establishes partnerships to help the EU secure critical minerals needed for the green transition while reducing its dependence on China.
Von der Leyen also revealed that the EU is launching the Global Gateway Investment Hub on Thursday. This platform will serve as a single entry point for companies to propose investments
