A news report on Wednesday stated that the European Union is aiming to invest €300 billion ($340 billion) in public and private infrastructure projects by 2027 to provide developing countries with an alternative to China's massive Belt and Road Initiative. The EU's strategy, called the "Global Gateway," which will be unveiled today, outlines spending on digital projects, transport, energy, and health, according to a final draft of the strategy seen by Bloomberg News.
Although the proposal does not explicitly mention China, it offers a counter-strategy to Beijing's foreign development plan, which critics say has pushed countries into unsustainable levels of debt. According to the document, "The EU will provide its funding under fair and appropriate conditions to mitigate the risk of debt pressure."
The draft states that partners must commit to "the rule of law, maintaining high standards of human, social, and labor rights, and respecting rules—from international regulations to intellectual property."
To fund the strategy, the EU will use the European Fund for Sustainable Development and will provide grants of up to €18 billion from external aid programs.
