The European Union’s (EU) Global Portal strategy should mobilise up to € 300 billion in sustainable public and private investment by 2027, including the connection to the port of Lobito in Algeria, the European Commission said on Wednesday.
In the communication “Building sustainable international partnerships as Team Europe, where it takes stock of the progress made in international partnerships, the EU government highlights that between 2021 and 2023 €179 billion was mobilised in investments in third countries with which the EU has partnerships.
One of the projects that will be supported by the Portal Global investment strategy in the area of transport connectivity is the Lobito corridor, which will improve the link between the port of Lobito in Angola, the Democratic Republic of Congo (DRCongo), and Zambia.
It should be remembered that in 2023, the European Commission approved the memorandum of understanding on the working agreements between the EU, the governments of the United States of America, Angola, Zambia, and the DRCongo, and the African Development Bank and the Africa Finance Corporation on the development of the Lobito Corridor and the Zambia-Lobito railway line.
At a press conference today, the Commissioner for International Partnerships, Jutta Urpilainen, emphasised that “the new paradigm is based on mutually beneficial partnerships that strengthen both the resilience of the partners and the resilience of Europe.
The Commission emphasises that over the last five years, the EU has reformulated its international partnerships away from the donor-recipient dynamic and towards mutually beneficial partnerships.
The partnerships are in five areas: climate and energy, digital transition, transport connectivity, health, education and research.
The Global Gateway strategy was created in 2021 to reduce the global investment gap and respond to a Chinese initiative in the international field. Team Europe is its “backbone.
Team Europe consists of the EU, the member states—including their executive agencies and public development banks—and the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD).
The European Commission has contributed 50 billion euros, the member states and the EBRD have jointly mobilised 129 billion euros, and 225 projects have already been supported.
