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The sticking points for this week’s Europe-Africa summit

Bynull

Feb 17, 2022

Brussels is already buzzing with motorcades as African leaders roll into town ahead of the sixth EU-AU summit Thursday and Friday. But there’s a hitch … or three.

The European Union and African Union are still negotiating the declaration for their long-awaited summit, beginning the day after tomorrow in Brussels. Each union has a slightly different vision — but it remains to be seen how and if they’ll find compromises on the remaining friction points.

Our EU correspondent Vince Chadwick tells us the key differences include:

• The investment package: The EU wants to present a list of projects jointly financed by the European Commission, EU states, and development finance institutions this week. The AU wants to develop a joint plan after the summit that better reflects both sides’ priorities, including a “fair and equitable” energy transition for Africa. Translation: not just renewables.

+ Devex Pro subscribers can learn more about the push and pull between energy access and reducing climate emissions, which is particularly evident on the African continent.

• Follow-up: The EU wants to follow up on the summit outcomes annually via existing structures and the Africa-Europe Foundation. The AU wants to create a new joint AU-EU Ministerial Follow-up Committee to monitor implementation of all commitments.

• The name: The EU wants to announce a “new alliance.” The AU, perhaps mindful that the pair’s last alliance is only four years old, prefers to talk about a “renewed partnership” building on existing strategies.

• Vaccines: The EU favors intellectual property licensing. The AU wants equitable vaccine access by all means possible, including a TRIPS waiver.

• Special Drawing Rights: The EU says a major part of the $100 billion reallocation target should go to Africa. The AU says it should all go to Africa.

• Migration: The EU is focused on preventing irregular migration, return, readmission, and reintegration. The AU wants to talk about assisted voluntary returns and expansion of legal pathways.

Set your watches

The World Bank will release its annual World Development Report today, so keep an eye out for our coverage. The focus this year is on the financial risks stemming from the pandemic and what policymakers can do to support an “equitable recovery.” The report comes as the bank has been warning about rising levels of unsustainable debt and an increasingly uneven recovery between high- and low-income countries.

ICYMI: 74 lowest-income nations owe $13.1 billion to Chinese entities, says the World Bank


Barriers to recovery: Public disclosures about government debt in low-income countries are extremely limited, making it more difficult for governments to restructure their loans, the World Bank said in a report published in November.

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