Lula da Silva – von der Leyen – Sanchez – Photo © European Union 2023
(BRUSSELS) – The European Union committed Monday to invest over EUR 45 billion to support its reinforced partnership with Latin America and the Caribbean until 2027 at the ‘EU-LAC’ business round table.
The ‘EU-LAC Global Gateway Investment Agenda (GGIA)’, presented at the round table by EU Commission president Ursula von der Leyen, revolves around the pillars of a fair green transition, an inclusive digital transformation, human development and health resilience and vaccines.
The EUR 45 billion investrment in Latin America and the Caribbean until 2027, via the EU’s programme Global Gateway programme, would be to the benefit of both regions, Ms von der Leyen said.
“We agreed on sectors and value chains to prioritize, from clean energy and critical raw materials to health and education. And it’s not just about how much we are spending, but also how we are investing. Global Gateway comes with the highest environmental and social standards, and with transparency. This is Europe’s way of doing business.”
The GGIA includes a list of more than 130 projects to make the fair green and digital transition a reality on both sides of the Atlantic. The list has been composed in close cooperation with the Spanish Presidency and is the basis for further dialogues with the Latin American and Caribbean partners.
Examples of projects
- The EU will work with LAC partners on Critical Raw Materials (such as lithium and others) in the region (Argentina, Chile), as well as with the Critical Raw Materials Club to strengthen sustainable supply chains.
- Brazil: the EU will collaborate with the Brazilian government and EU private sector to expand telecoms networks in the Amazon region.
- Costa Rica: The EU and will help with the electrification of public transport. Conversion of urban bus fleet to electric: 40 public e-vehicles contributing to a reduction of 5000 CO2 ktons per year.
- Colombia: Construction of a metro line.
- Jamaica: Deployment of 5G to reach island-wide broadband access.
- Paraguay: Upgrade of the electricity networkwith support to the Administración Nacional de Electricidad.
- EU-LAC Digital Alliance: EU-LAC digital cooperation activities are underway such as the extension of the BELLA cable and the creation of two regional Copernicus centres for disaster risk reduction, climate change, land and marine monitoring.
- In Chile, the EU has developed a Team Europe Initiative (TEI) on Green Hydrogen (GH2), to promote investment opportunities.
- The GGIA will support LAC countries’ policies towards a climate-neutral economy and a resilient society that lives in harmony with nature. The EU and its Member States have pooled their resources to jointly establish the Team Europe Initiative ‘Brazil Tropical Forests’. The EU will also contribute to the Amazon Fund.
- LAC-Health Resilience initiative, supporting the development of local medicines and vaccine manufacturing and health systems resilience, including regulatory frameworks.
- LAC-Global Green Bonds Initiative, fostering the development of the green bond market in LAC, thus mobilisingcapital for financing a sustainable transition.
- In Panama, the EU supports a joint project on universal access to energy.
- ‘Inclusive Societies’ programme to tackle inequalities, reduce poverty and social exclusion, and enhance social cohesion within Latin American and Caribbean countries. It will promote gender and social policies, education and skills development, protection and social inclusion, with a specific emphasis on women and youth and focus.
EU-LAC Global Gateway Investment Agenda (europa.eu)
EU-LAC Global Gateway Investment Agenda – Infographics (europa.eu)
EU-LAC Global Gateway Investment Agenda – Factsheet
Joint Communication on a New Agenda for Relations between the EU and Latin America and the Caribbean
