The European Commission is hoping to boost EU-Latin American relations with the creation of a joint forum that will bring together the two sides on a permanent basis and launch of a new investment fund. But civil society organisations and some Latin American officials believe Europe is steadily abandoning its support for regional integration on the EU model on the continent.
The proposal, for an EU-Latin America and Caribbean Foundation, was made on Tuesday (29 September) within Brussels’ strategy document on relations between the two regions.
The foundation, which the commission aims to launch in spring next year following the next EU-Latin American summit, to be held in Spain, would exist as a kind of secretariat that would prepare summits and maintain the dialogue between meetings.
The commission presented its renewed policy for the region, assessing the state of play of the bi-regional relationship and outlining the targets and objectives for the coming years.
The EU, which is the leading donor of development assistance to Latin America, also hopes to set up a new financial instrument to leverage millions of euros to bank-roll energy infrastructure, environmental projects and combat poverty.
The Latin America Investment Facility, (LAIF), modelled on a similar instrument for Europe’s neighbouring states to the east and south, would mobilise resources from financial institutions to support projects in energy infrastructure, energy efficiency and renewable energy, transport, the environment and social cohesion.
While no figures were announced, the Neighbourhood Investment Facility has used €71 million in grants as leverage for projects worth €2.7 billion. The commission hopes the LAIF would be able to encourage similar sums for development in Latin America.
