Connectivity in Colombia, clean energy in Argentina, vaccines in Mexico: Europe’s plans for investing in Latin America
The EU has pledged to invest $50.5 billion by 2027 in more than 130 projects in the region. Here is the list, country by country
In its search for new markets in a complex international setting due to Russia’s invasion of Ukraine, and in an attempt to counteract the weight that China is taking on in the region, the European Union has launched a powerful investment agenda for Latin America and the Caribbean. European countries have pledged to invest €45 billion ($50.5 billion) to 2027 in funding plans for the region through the Global Gateway initiative.
The initiative, presented on Monday by the head of the European Commission, Ursula von der Leyen during a summit between the EU and the Community of Latin American and Caribbean States (CELAC), includes a range of over 100 projects for companies and organizations that may be interested in investing in the region. Options include a loan for the long-awaited start-up of the Bogotá metro, an initiative to bring digital connectivity to 85% of Colombian territory by 2026, a push for electric buses in Costa Rica, alliances to invest in projects that add value to key minerals such as lithium, the expansion of the telecommunications sector in the Brazilian Amazon and the production of vaccines in Mexico.
The Global Gateway or Global Agreement, designed with the advice of the Inter-American Development Bank (IDB) and CAF-Development Bank of Latin America and the Caribbean, is a tool with several pillars: a just energy transition, an inclusive digital transformation, human development, health and vaccines. “We have designed a high-quality investment agenda together for the benefit of both regions,” said Von der Leyen. “It is not just about how much we spend but how we invest. “Global Gateway is accompanied by the highest environmental and social standards and with transparency. It’s the European way of doing business.”
This is the list of selected projects country by country:
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