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Investing.com -- The European Union is set to mobilize more than 400 billion euros ($464.5 billion) by 2027 through its Global Gateway program, which aims to boost investments in the Global South, European Commission President Ursula von der Leyen announced on Thursday.
The Global Gateway initiative was initially designed to invest 300 billion euros from 2021 to 2027, with half of that amount targeted for Africa. The program serves as an alternative to China’s competing investment scheme.
Projects under the Global Gateway focus on several key areas including energy, transport, education, and research. The program also establishes partnerships to help the European Union secure critical minerals needed for its green transition while reducing its dependence on China.
Von der Leyen also revealed that the EU is launching a Global Gateway Investment Hub on Thursday. This platform will function as a single-entry point for companies to propose investments.
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