Reuters

BRUSSELS: The EU expects to mobilize over 400 billion euros ($464.5 billion) by 2027 in investments for Global Gateway, its program to boost investments in the Global South, European Commission President Ursula von der Leyen said on Thursday. Global Gateway was originally designed to invest 300 billion euros, half of it in Africa, from 2021 to 2027, as an alternative to China&#39;s rival scheme. The projects are in areas such as energy, transport, education and research, along with partnerships to help the European Union secure minerals critical for its green transition and reduce reliance on China. She added that the EU today is launching a Global Gateway Investment Hub, a single-entry platform for companies to propose investments.

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The bloc plans to mobilize over €400 billion by 2027 through Global Gateway, investing in energy, transport, education, and minerals, aiming to reduce reliance on China and support development in the Global South.

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EU aims for over €400B in Global Gateway investments: von der Leyen