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EU to mobilize €10 billion for South-East Asia
VGP - The EU and its Member States announced the mobilization of €10 billion as part of Global Gateway to accelerate infrastructure investments in ASEAN countries at the EU-ASEAN Commemorative Summit.
The EU and its Member States announce the mobilization of €10 billion as part of Global Gateway to accelerate infrastructure investments in ASEAN countries
This package will focus on green transition and sustainable connectivity in South-East Asia, underpinned by two Team Europe Initiatives: the Sustainable Connectivity Initiative and the Green Team Europe Initiative.
Investments will focus on energy, transport, digitalization, education and promote trade and sustainable value chains. They will support South-East Asia's transition to a green economy, better access to essential services, and economic opportunities and jobs.
Speaking at the commemorative summit, President of the European Commission Ursula von der Leyen said that Global Gateway will further deepen EU-ASEAN strategic partnership.
The Sustainable Connectivity Initiative will strengthen ASEAN's economy, create jobs and be a catalyst in fight against climate change, accelerate infrastructure investment in South-East Asia and support the ASEAN electric grid interconnections to improve access to renewable energy, invest in digitalization including in connectivity via submarine cables, and promote environmentally, economically, and socially sustainable value chains.
Global Gateway is Europe's offer to its partners for smart, clean and secure infrastructures and links.
It boosts sustainable investments in digital, transport, energy and climate relevant sectors and in health, education and research systems. It will help to tackle the most pressing global challenges, from fighting climate change, to improving health systems, and making economies more resilient.
The €10 billion package consists of grants from the EU budget and the estimated amount of loans on favorable terms for investment projects that will be leveraged by the EU budget and Member States' public funding.