Policy Updates

On March 22, 2024, the EIB announced US$125 million in financing for energy infrastructure in Ecuador.

The loan was signed by European Commissioner for the Environment, Oceans and Fisheries Virginijus Sinkevičius as part of the EU - LAC Global Gateway Investment Agenda, which was launched to support regional connectivity and infrastructure in health, climate, and more.

Specifically, the loan will support the integration of Ecuadorian and Peruvian energy, specifically the development of interconnectors in Ecuador. Key goals of the project included:

• Increased energy trade between the two states;
• Increased energy security, as each state can better benefit from their hydroelectric systems; and
• Progress toward decarbonization.

On March 12, 2024, Commissioner for International Partnerships Jutta Urpilainen announced a battery of initiatives to support the EU - Cambodia relationship.

Two of these initiatives included Team Europe programs intended to mobilize EUR1.1 billion (US$1.1 billion) and EUR400 million (US$432 million) for green agriculture and factories, respectively. Within these initiatives, focuses included green energy and decent jobs.

Urpilainen also announced four new collaborations between the EU and Cambodia, worth EUR79 million (US$86 million), with sectoral foci including:

• Agriculture, specifically sustainable farming practices that avoid deforestation;
• Sustainable energy in the production of textiles and garments;
• Digital skills, STEM education, and research; and
• Economic and trade development, specifically addressing challenges specific to Cambodia and increasing competitiveness.

On March 6, 2024, the EU announced EUR228 million (US$236 million) in support for projects in Uganda during a high-level business meeting.

With a primary focus on business and economic development, the initiatives also touched on topics including housing, human rights, digital infrastructure, gender equality, and agriculture:

• EUR40 million (US$43 million) was provided for the "Investing in Young Women-Led Entrepreneurs Business in Africa," which was reported as an effort to increase women's economic empowerment in partners across SSA, though specific partner countries were not listed in the press release;
• EUR50 million (US$54 million) was loaned to Uganda with the aim of increasing youth and women's employment while increasing access to jobs in sustainability;
• The EIB announced an EUR25 million (US$27 million) loan for the development of SMEs and aimed for 50% of support to benefit women-led businesses;
• EUR5 million (US$5 million) was also allocated to build awareness and advocacy surrounding human rights abuses in business;
• The EIB loaned EUR25 million (US$27 million) for over 500 telecommunications towers to be built throughout Uganda, with the aim of increasing access to digital technologies;
• The EIB loaned EUR50 million (US$54 million) to the Centenary Rural Development Bank to support women entrepreneurs in small businesses; and
• EUR 12 million (US$13 million) was allocated to both the START Facility and the Agricultural Business Initiative in Uganda to support climate resilience and economic development among agrarian populations.

On March 6, 2024, EIB Representative Nina Fenton attended the inauguration of the Agra Metro, which received an EUR450 millino (US$488 million) loan from the EIB.

The project was funded under the Global Gateway initiative, specifically in the EIB's role as the EU Climate Bank. The initiative was intended to decrease carbon emissions related to travel in the city of Agra, which is a highly trafficked tourist destination. Furthermore, the project aims to reduce high levels of air pollution, increase accessibility of both travel and the monuments, and increase protections for women and girls.

The loan financing the 30 km project, which includes 26 stations, follows a pattern of EIB investments across India focusing on transportation and greenhouse gas emission reductions.

From February 26-March 1, 2024, the EU attended the 6^th UNEA, represented by the Belgian Presidency of the European Council.

Two EU resolutions were adopted, including one on water policy, with particular attention to biodiversity loss and pollution, and one on ocean, marine, and coastal environmental protections.

In the press release, the presidency acknowledged the difficulty of negotiations, citing challenges from the geopolitical context, flagging ambition among world leaders, though the resulting ministerial declaration did advance discussions of systemic international cooperation in the face of climate change and growing pollution, among other challenges.

On February 9, 2024, the EIB and Mauritania finalized an EUR20 million (US$22 million) loan to support SMEs with a focus on empowering women and young people in the labor market.

Accompanied by a visit of Commission President Ursula von der Leyen to Mauritania, the agreement was facilitated by the EU's partnership with the OACPS. The loan will be managed by Mauritania's BCI., with the following priorities:

• 50% or more allocated to youth training and employment;
• 40% to women's economic empowerment; and
• Increased investments in renewable energy and sustainable agriculture, among others.

The agreement also included the possibility of unlocking an additional EUR5 million (US$5 million).

On January 28, 2024, EU Commission President Ursula von der Leyen and AfDB President Dr. Akinwumi Adesina renewed the cooperation agreement between the organizations on the sidelines of the Italy-Africa Summit.

During the event, von der Leyen highlighted the EU's commitment to investing EUR150 billion (US$163.5 billion) to partners on the continent through the Africa-EU Global Gateway Investment Package between 2021 and 2027.

The package is slated to support infrastructure development in areas of green transition, digital transformation, sustainability, education, and health. Specific projects include transport between partner countries, through initiatives such as the Lobito Corridor with partners including Zambia, Angola and the DRC.

On December 6, 2023, during COP28, EU Commissioner for the Environment, Oceans, and Fisheries Virginijus Sinkevičius, as well as representatives from Germany, the Netherlands, and France, launched the Team Europe Initiative on Deforestation-free Value Chains and pledged an initial EUR70 million (US$76 million) to the initiative.

The initiative aims to tackle global deforestation and reinforce the pledges set forth in the Glasgow Leader's Declaration on Forests and Land Use from COP26, with the goal of stopping and reversing forest loss and land degradation by 2030. It is also aligned with the EU's Global Gateway strategy, which aims to transition partner countries to sustainable, deforestation-free, and legal value chains.

The initiative was developed to support inclusive partnerships between the EU and partner countries, facilitate sustainable trade, and address deforestation. Through the initiative, the EU is slated to offer technical assistance and capacity-building assistance to partner countries on key issues, including traceability, geo-localization, and land-use mapping. The initiative is also planned to serve as a centralized platform to bolster coordination between public and private stakeholders in both the EU and partner countries.

A Team Europe Hub will be established under the Sustainable Agriculture for Forest Ecosystems program to host information and coordinate further actions.

On December 2, 2023, during the opening days of COP28, outgoing Dutch Prime Minister Rutte announced a commitment of EUR15 million (US$16 million) to help establish the Loss and Damage Fund.

The EUI pledged US$125 million, Germany and the UAE each pledged US$100 million, the UK pledged GBP60 million (US$78 million), the US pledged US$18 million, and Japan pledged US$10 million. The total funds surpass the US$400 million needed to initiate the establishment and operation of the Loss and Damage Fund.

Dutch NGO ActionAid Netherlands responded by commenting that while the pledge is a fair initial contribution to the fund, it is far from a "fair share" for the Netherlands when based on the country’s emissions levels.

On December 2, 2023, the EU institutions, the EIB, the EBRD, and the Member States that comprise Team Europe pledged EUR20 billion (US$21.8 billion) for clean energy partnerships with African partners.

The funding announcement listeed EUR3.4 billion (US$3.7 billion) in grants and covered the period from 2021-2027. The project, AEGEI, aims to produce over 50 Gigawatts of renewable energy by 2030.

12 EU Member States contributed to the funding. No language regarding specific partner countries was included in the announcement.