China and the EU are competing for the African sphere of influence to boost their global geopolitical standing
The EU and African leaders met at the 6th EU-Africa Summit in Brussels, Belgium, between February 17 and 18. The summit, initially scheduled to be held in 2020, was postponed due to the Covid-19 pandemic. It marks 22 years since the inaugural EU-Africa Summit in 2000 in Cairo.$327bnin 2021, rising from $255bn in 2020. The EU also serves as a vital source of foreign direct investment for Africa, with its capital stock reaching almostin 2017, way above the $47bn from the US and $43bn from China.
The lackadaisical vaccination rate means Africa remains susceptible to recurring Covid-19 infection waves, with devastating impact on its economy and development prospects. Hence, the EU has promised to facilitate the supply of 450-million vaccine doses to African countries by mid-2022, accompanied by a $482m fund to expedite the distribution of vaccines in the continent.
In a major announcement the EU committed to availing an Africa-Europe Investment Package of €150bn in investments in Africa in the next seven years. If successful the investment will have a huge impact on Africa’s economy. The package will be directed towards key areas such as infrastructure development, the transition to a green economy, digital transformation and human development initiatives.
The EU-Africa Summit came barely three months after the Forum for China-Africa Co-operation held in Dakar in November 2021. It certainly looks like . While the previous two Focac summits had seen China pledge up to $60bn in financial packages for Africa, the 2021 event was a major climbdown to $40bn in packages up to 2024, when the next Focac gathering is due.
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