European Commission President Ursula von der Leyen said on Thursday that by 2027, the EU is aiming to mobilize approximately 400 billion euros ($464.5 billion) in investments as part of Global Gateway, its initiative to increase investments in the Global South.
Global Gateway had initially planned to spend 300 billion euros in 2021, half of it in Africa, between 2021 and 2027, as an alternative to the Chinese rival plan.
Among the projects are energy, transport, education, and research, along with partnerships, in order to enable the European Union to obtain minerals deemed important to its green transition and be less dependent on China.
She further mentioned that now the EU is opening a Global Gateway Investment Hub, which is a single-entry platform where firms can offer their investments.
