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The €150 billion program is intended to strengthen growth and accelerate climate and digital transitions. A declaration at the end of the summit produced a wide-ranging declaration that nodded to Europe’s desire to secure critical minerals and Africa’s desire for economic growth.
Leaders from Africa and Europe meeting in the Angolan capital, Luanda, on Monday committed to strengthening trade and better tackling illegal migration. The summit marked 25 years of AU-EU relations. The two-days of talks saw the European Union pledge to support African nations develop, industrialize, and diversify their exports.
They welcomed the progress made in implementing the Global Gateway Africa-Europe Investment Package, which mobilizes public and private funds for infrastructure, energy and digital connectivity.
The €150 billion program is intended to strengthen growth and accelerate climate and digital transitions. A declaration at the end of the summit produced a wide-ranging declaration that nodded to Europe’s desire to secure critical minerals and Africa’s desire for economic growth.
European Council President António Costa said it was important to diminish inequalities and promote development. Europe was promised help in tackling irregular migration and improving the return of failed asylum seekers to their country of origin — a common gripe in much of the 27-nation EU.
The summit aimed to deepen both economic and security ties between the two continents with delegates emphasizing the need to achieve peace through multilateralism. João Goncalves Lourenço, President of Angola and Chairperson of the African Union said leaders had agreed to strengthening cooperation on numerous issues.
He added that they would also cooperate to intensify climate action, “including financing for adaptation and resilience and support for the African energy transition”. The two partners will also strengthen economic ties with commitments to promote investment in sustainable infrastructures, manufacturing, and agriculture, and expand mobility exchanges between peoples.
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Europe is the biggest source of direct foreign investment in Africa. But analysts suggest that ties between the AU and the EU need revamping if Europe wants to hold onto its role as the continent’s top partner. Africa has emerged as a battleground for its critical minerals and energy potential with China, Russia, and the United States also hoping to foster stronger ties.