Global Gateway: new opportunities coming for Africa and Central Asia
On January 29th, 2024, the Global Gateway Forum took place in Brussels, with the presence of the European Commission's Executive Vice-President Valdis Dombrovskis who announced a series of investment pipelines for Central Asia. At the same time, in the morning Ursula von der Leyen and the African Development Bank Group president, Akinwumi Adesina, signed a financial agreement unlocking new opportunities for Africa.
The Transcaspian Transport Corridor
The Executive Vice-President Dombrovskis, during his opening speech, announced a series of investment packages to be launched, for the constitution of a sustainable transport connection between the EU and Central Asia. The resources will be finalized for the construction of a 11000 kilometers Transcaspian Transport Corridor, which a study conducted by the European Bank for Reconstruction and Development (EBRD) deemed "having great potential" for a new "competitive, sustainable, fast, and reliable route to link the EU and Central Asia in 15 days or less".
To make this a reality, Dombrovskis called on the involved countries to "coordinate the resources" together with the EU Member States, international financial institutions, private investors, and companies, both in the EU and Central Asia
"Global Gateway will deliver many valuable outcomes", said Dombrovskis before announcing the 1.5 billion euro budget allotted for the sustainable transport agenda in Central Asia, a joint financing coming both from the EC and the European Investment Bank, together with a 10 billion euro fund advanced by the international community.
The EBRD also signed a Memorandum of Understanding with Kazakhstan, for a 1.5 billion euro investment pipeline under preparation.
The Lobito Corridor
This day also marked the signing of a new Financial Framework Partnership Agreement between the EC and the African Development Bank Group (AfDB), intending to enhance investments in infrastructure projects across Africa by bringing to the table a 150 billion euro package.
This agreement will facilitate a series of investments in Sub-Saharan Africa, focusing on strategic transport corridors, energy, and digital connectivity. A key collaborative project is the advancement of the "Lobito Corridor", an innovative transport route designed to enhance export opportunities for Zambia, Angola, and the Democratic Republic of Congo. The primary objectives include facilitating the movement of goods and promoting citizen mobility.
The EU and the African Development Bank, during the Global Gateway Forum in October 2023, inked a Memorandum of Understanding with Global Partners to secure financing for the development of this corridor. Other partners involved encompass the host governments mentioned above and involved in the Lobito Corridor, the US Government, and the Africa Finance Corporation.