EU evening score with China via own Belt and Road project

[superadmin]

BRUSSELS – The European Commission yesterday announced a plan to mobilise €300 billion (RM1.4 trillion) in public and private infrastructure investment around the world, a move seen as a response to China’s Belt and Road strategy.

“Global Gateway will aim at mobilising investments of up to €300 billion between this year and 2027...bringing together resources of the European Union (EU), member states, European financial institutions, and national development finance institutions,” a commission document said.

The Global Gateway plan does not mention China’s rival and longer-standing international infrastructure strategy by name – but EU chief Ursula von der Leyen called it a “roadmap for major investment in infrastructure development around the world”.

The money to be made available will not come from EU and member state coffers, and the plan will need funding from international institutions and the private sector if it is to get anywhere near its target.

China launched its global investment strategy known as Belt and Road, a flagship project of President Xi Jinping, in 2013. Beijing said it had invested US$139.8 billion (RM590.72 billion) as of last year, including US$22.5 billion that year alone.

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