European Union to Invest 45 Billion Euros in Latin America

On Monday, the European Union (EU) committed to investing over 45 billion euros to support the bloc’s reinforced partnership with Latin America and the Caribbean until 2027.

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The EU’s new Global Gateway Investment Agenda was presented by European Commission President Ursula von der Leyen at a round table meeting on the sidelines of the third summit of the EU-Community of Latin American and Caribbean States (CELAC) that ends on Tuesday.

The theme of the summit is: “Renewing the bi-regional partnership to strengthen peace and sustainable development.” The summit is co-chaired by European Council President Charles Michel and Ralph Gonsalves, prime minister of St. Vincent and the Grenadines. Gonsalves is CELAC’s pro tempore president.

The previous EU-CELAC was held in 2015, when the leaders agreed to work together “for more prosperous and inclusive societies.” The first EU-CELAC summit took place in 2013, focusing on trade collaboration and the promotion of investments of social and environmental quality.

“We shaped a high-quality investment agenda together to the benefit of both our regions. 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,” von der Leyen told the summit participants.

The EU will work with its Latin American and Caribbean partners on critical raw materials, such as lithium, in Argentina and Chile, while collaborating with the Brazilian government and the EU private sector to expand telecoms networks in the Amazon region.

In Costa Rica, the EU will participate in the electrification of public transport and participate in the construction of a metro line in Colombia.

It will also join in the deployment of 5G services to reach island-wide broadband access in Jamaica and take part in the upgrade of the electricity network in Paraguay.

During the summit, leaders are expected to address a wide range of topics with a view to further strengthening the EU-CELAC partnership, including enhanced multilateral cooperation for global peace and stability, trade and investment, economic recovery, efforts to combat climate change, research and innovation, and justice and security for citizens.

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