The scramble for colonies in Africa is over, but the scramble among the great powers to own Africa’s debt is rising to a new level. At stake is whether China or the European Union will dominate the continent owning seven of the 20 fastest growing economies of the world and rapidly urbanizing regions. The European Union and the African Union signed a $170 billion development package on Feb. 25—a move seen by critics as a last-ditch effort to counter growing Chinese influence in Africa. “Never before has Europe had a global investment strategy, and never before have we put on the table such a sizeable and ambitious package with Africa,” said Ursula von der Leyen, European Commission president, who promised “transformative results.” The multibillion package is the first regional plan of the European Union’s Global Gateway—an investment blueprint that seeks to mobilize up to €300 billion ($328 billion) for public and …