The European Commission has slated €150 million ($164 million) for Africa as part of the European Union’s Global Gateway Investment Scheme.
The investment package will allow the E.U. to support projects in priority areas, with a focus on the green transition, sustainable growth and job creation, according to African Business. The funding is said to be in the form of E.U. combined member funds, member state investments and capital from investment banks.
“For free trade across the continent to be successful, infrastructure is urgently needed to facilitate the movement of goods and services across Africa’s borders,” said Michael Foundethakis, global head of project finance and trade and export finance at Baker McKenzie, and Africa steering committee chair. “There is, therefore, an urgent imperative to address the infrastructure funding gaps in transportation, energy provision, internet access and data services, education, and healthcare projects in Af
