President Banga,
It is a great pleasure to welcome you to Brussels. The World Bank is a valued partner in rolling out Global Gateway. I want to thank you for your very strong commitment. Our vision and values are aligned. We both want to see prosperity, growth and a just transition in countries around the world. One that gives back to nature more than it takes. And one that creates local jobs and local value. In many projects, our roles already complement each other perfectly. The World Bank lays the foundations, through reforms, feasibility studies and lending. And we step in with Team Europe investments. This method has proven to be a recipe for success. And so, we should scale it up.
That is why today, we are taking our partnership to the next level. This new framework will guide how we steer, govern, and monitor selected projects. To make sure that Global Gateways strategic investments with the World Bank Groups capacity to deliver reforms can crowd in maximum private capital – that is the idea. Today we have agreed to jointly support an initial set of 18 projects across Africa, Asia, the Pacific, and Latin America. For example: The Kambarata hydroelectric power plant in Central Asia – one of the largest in the region; the EurAfrica Gateway Cable, an international submarine fibre cable connecting the EU with Africa; sustainable mining in Argentina; and the flagship Lobito corridor project, linking Angola, the DRC, and Zambia. All these projects will aim to build vibrant local economies and create new opportunities where people live, especially in regions rich in natural resources and with dynamic, young populations.
So, dear Ajay,
This is the beginning of a great new chapter. And before we sign, let me thank you once again for the great cooperation between the ‘Scaling Up Renewables in Africa campaign and your Mission 300. Let us continue to show our commitment for clean energy for Africa at the G20 summit in Johannesburg.
