Europe & Africa: Europe is waking up to a new reality
“Europe is waking up to the reality that it has [in Africa] a strategic partner and also has strategic challenges right on its doorstep. The EU–Africa Alliance for Sustainable Investment and Jobs promises to push more private European financing into the continent – perhaps also in an effort to offset China’s economic influence – and to create ten million jobs over the next five years. Part of the issue is the ongoing European migration crisis and the realization that some of that risk may be potentially offset by supporting local African economies at home.” – Dr. Aleksandra W. Gadzala, Magpie Advisory Founder & CEO on CNNMoney Switzerland, September 2018
US pushback on China has prompted Beijing to strengthen its other global partnerships, including with African countries. At the 2018 Forum on China–Africa Cooperation (FOCAC), President Xi Jinping announced $60bn in financial support for Africa. This includes credit lines, grants, interest-free loans and concessional loans, and investment financing.
Europe’s proximity to Africa makes China’s engagement an issue of strategic concern. In his 2018 State of the European Union, European Commission President Jean–Claude Juncker announced an EU–Africa alliance focused on boosting EU–Africa trade, increasing investments, and creating jobs. Catch our founder and CEO, Aleksandra, on CNNMoney Switzerland explaining what this means and how US–China tensions are reshaping global strategies and alliances.