European and Latin American leaders have agreed on a series of joint projects worth nearly €7 billion, the European Commission announced on Monday.
Bilateral trade between the EU and Latin America reached €416 billion in 2024, rising by more than 56 percent over the last ten years.
Delegates from the European Union and 33 countries across Latin America and the Caribbean discussed ways to support international cooperation, democracy, and human rights at a summit in Santa Marta, Colombia, over the weekend.
The talks also focused on boosting trade, improving disaster preparation, and advancing shared work on climate.
New initiatives outlined by the EEAS include funding of €6.86 billion for 24 projects aimed at developing a cleaner and better-connected regional power grid.
This collaboration involves the EU, its development banks and private firms, as well as major financial institutions from the region.
Other projects announced include the launch of an EU-Latin America supercomputing network to develop artificial intelligence and improved internet access.
Digital links and security
The summit also saw the extension of fibre-optic links between Europe and Latin America, intending to provide high-speed internet to more countries by 2026.
The European Investment Bank is partnering with others to invest over €860 million for a regional satellite, which will extend digital connections to remote areas such as the Amazon and Caribbean islands.
The EU says it is committed to working together on major agreements such as the EU-Mercosur Partnership and the modernised EU-Mexico agreement.
The leaders also agreed to strengthen cooperation on tackling organised crime and drug trafficking, by enhancing police and border collaboration and improving information sharing.
