EU eyes €20 billion for plan to take on China in Africa

EU eyes €20 billion for plan to take on China in Africa

Bloomberg: The European Union is working on a 20 billion-euro ($22.7 billion) financing package to support African transport networks, as well as energy, digital, education and health projects to counter China’s reach in the continent.

Member states, however, have yet to commit to financing the infrastructure plans, according to officials familiar with the discussions.

The bloc’s plan includes strategic corridors, international submarine cables, new energy interconnections and investments in renewable sources in Senegal, Cote d’Ivoire, Egypt, Morocco and Kenya, according to a draft of the package seen by Bloomberg.

The investment is aimed at underpinning the new partnership that the EU and Africa want to seal at a Feb. 17-18 summit in Brussels.

African leaders have prioritized roads, railways and bridges. But some EU governments face national budgetary constraints that make it hard for them to pledge significant funding ahead of the meeting, while others, including Germany, remain skeptical about the readiness of some of the proposals, officials added.