DAKAR (Reuters), -The European Union allocated more than 150 billion euro ($170 billion), to invest in Africa through a global fund that was launched as an alternative to Chinese money.

Half of the EU’s 300 billion-euro Global Gateway scheme would be used for the investment. This was launched December 31st with the goal of strengthening Europe’s supply networks and fighting climate change.

As many European nations seek to curb illegal migration to Africa due in part to poverty and unemployment, as well as as as Africa’s fossil fuel exporters resist the carbon reduction goals of richer countries to limit global warming, it comes as many European States are trying to cut down on African illegal immigration.

Ursula von der Leyen (President of European Commission) announced the region plan in Dakar, together with Macky Sall (Senegalese President).

It is unclear how the funds will go.

The EU announced that money will be available in grants, loans and guarantees to EU institutions, national development banks, EU financial institutions, governments, EU financial institution, and government at the December launch of the Gateway Fund.

According to an EU source, the 150 billion figure could be paid in 20 billion annual payments. Only 6 billion of these would come out of EU funds. The rest would come from private investors and EU countries.

China started its Belt and Road Project in 2013 in order to improve trade connections with the rest. It has spent heavily on infrastructure construction in numerous countries all over the globe, especially in Africa.

Officials from the EU claim that Beijing’s financing terms are sometimes unfavorable and opaque and leave some countries in Africa dependent upon China via debt.

($1 = 0.8744 euros)