Brussels: The European Union (EU) and its Member States, in a Team Europe approach, has announced the mobilisation of €10 billion as part of Global Gateway to accelerate infrastructure investments in member countries of the Assosication of South East Asian Nations (ASEAN).
The plan was announced during the EU-ASEAN Commemorative Summit in Brussels on Wednesday, December 14, 2022.
This package will focus on the 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, digitalisation, 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.
"Today we celebrate 45 years of cooperation between two regions that believe in multilateralism and a rules-based world order. Global Gateway will further deepen our strategic partnership. The Sustainable Connectivity Initiative will strengthen ASEAN's economy, create jobs and be a catalyst in our fight against climate change," European Commission President Ursula von der Leyen said in a media release on Wednesday.
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 favourable terms for investment projects that will be leveraged by the EU budget and Member States' public funding.
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