EU pledges $48Bn for Latin America, Caribbean alliance

BRUSSELS, BELGIUM — The European Union (EU) declared a €45 billion (US$48 billion) investment via the EU-LAC Global Gateway Investment Agenda (GGIA) to fortify the EU’s ties with Latin America and the Caribbean until 2027. 

European Commission President Ursula von der Leyen explained that the strategic investment targets vital areas, including digital and green transformations, human progress, health resilience, and vaccine distribution.

Co-developed with the Spanish Presidency, the agenda encompasses over 130 projects to spur digital and sustainable development across both regions. 

Major digital undertakings are included in the agreement, including the EU’s collaboration with the Brazilian government to expand telecom networks in the Amazon region. The union will also allocate efforts to help Jamaica deploy 5G across the island nation.

A planned extension of the BELLA cable and the creation of two regional Copernicus centers for disaster risk reduction, climate change, and land and marine monitoring are also part of the EU-LAC digital alliance.

Furthermore, the agenda fosters the shift towards climate-friendly economies and resilient societies. 

Ultimately, this partnership reemphasizes the shared commitment between the EU and LAC to uphold democratic values, human rights, and global peace while jointly tackling climate change, leveraging technological advancements, and mitigating growing disparities.