EU has stated that it will mobilize € 10 billion as part of Global Gateway to accelerate infrastructure investments in ASEAN nations.
The European Union (E.U.) has announced to mobilize € 10 billion as part of Global Gateway to accelerate infrastructure investments in Association of Southeast Asian Nations (ASEAN) countries.
The announcement was made during the E.U.-ASEAN Commemorative Summit. The € 10 billion package consists of grants from the E.U. budget and the estimated amount of loans on favourable terms for investment projects that will be leveraged by the E.U. budget and Member States’ public funding.
The package will focus on the green transition and sustainable connectivity in South-East Asia, underpinned by 2 European Initiatives of Sustainable Connectivity Initiative and the Green Team Europe Initiative.
Investments will focus on energy, transport, digitalisation, education and help promote trade and sustainable value chains. They will support South-East Asia’s transition to a green economy, better access to essential services. It will also help generate economic opportunities and jobs.
Speaking on the occasion, the President of European Commission – Ursula von der Leyen said, “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. As Team Europe, we are mobilising €10 billion for Global Gateway investments in the ASEAN region. Our investments in infrastructure will strengthen ASEAN’s economy and autonomy, create jobs and be a catalyst in our joint fight against climate change.”
Taking it to twitter, Ursula tweeted,
We need a strong EU-ASEAN partnership to navigate the course ahead.
— Ursula von der Leyen (@vonderleyen) December 14, 2022
Today we will discuss how to boost our energy and trade cooperation – with the right infrastructure.
We are putting forward a €10 billion package for ASEAN under #GlobalGateway ↓
https://t.co/TzQ1UQVMsV
The Sustainable Connectivity Initiative will accelerate infrastructure investment in South-East Asia. The Sustainable Connectivity Team Europe Initiative will support the ASEAN electric grid interconnections to improve access to renewable energy, invest in digitalisation including in connectivity via submarine cables, and promote environmentally, economically and socially sustainable value chains.
The Green Team Europe Initiative was launched November 18, 2021, with ASEAN. It aims to strengthen the E.U.’s partnership with the region in areas including climate action, environmental and biodiversity protection, clean energy transition, disaster resilience, prevention of illegal logging, wildlife trafficking and air pollution. It provides the framework for coordinated green action between participating Team Europe partners and ASEAN and its Member States.
Under the Global Gateway, the E.U. offers smart, clean and secure infrastructures and links to its partners. It boosts sustainable investments in digital, transport, energy and climate relevant sectors and in health, education and research systems. It aims to tackle the most pressing global challenges, from fighting climate change, to improving health systems and making economies more resilient.
