The Global Gateway Africa-Europe Investment Package and the Future of EU-AU Relations

Recent events underline, once again, the importance and the potential opportunities for a stronger partnership between the European Union (EU) and the African Union (AU). Although there was general satisfaction at the end of the 6th EU-AU Summit, doubts remain about how "The Global Gateway Africa-Europe Investment Package" will be implemented. This ambitious financing plan for development was worth 150 billion euros and was mutually defined and described in the "Joint Vision for 2030". It aims to support Africa in reaching the expected results in most of the fields identified as priorities in the AU's "Agenda 2063". The main challenge appears to be the realisation of adequate tools for its implementation able to mobilise, manage and monitor such huge resources and an ambitious development plan. In this regard, this chapter explores the possibility of accessing resources from the recent General Allocation of Special Drawing Rights (SDRs) of the International Monetary Fund (IMF), through the creation of an ad hoc instrument that would allow for their rechannelling from the EU to Africa.