EU vs. China

[Schneemann]

Europe unveils its $340 billion answer to China's Belt and Road infrastructure initiative

London (CNN Business) - The European Union has unveiled its €300 billion ($340 billion) alternative to China's Belt and Road initiative — an investment program the bloc claims will create "links, not dependencies."

The aim of the EU program — called Global Gateway — is to help underpin the global recovery by mobilizing investments in digital, clean energy and transport networks, as well as boosting health, education and research systems across the world. Low and middle-income countries were already facing a $2.7 trillion infrastructure investment gap before the pandemic, according to World Bank estimates.

"With the Global Gateway we want to create strong and sustainable links, not dependencies, between Europe and the world and build a new future for young people," Jutta Urpilainen, the EU commissioner for international partnerships, said in a statement on Wednesday. [...] European Commission President Ursula von der Leyen said the plan offered a "'true alternative" to China's global infrastructure program, which has been accused of saddling some countries with huge debts since its inception in 2013. Von der Leyen said that countries "need better and different offers" of finance and that the EU plan — which will make investments over the next six years — will not build up "unsustainable debt levels" in partner countries. [...]

The European alternative to China's Belt and Road will be financed by a mix of €18 billion ($20 billion) in grants and €280 billion ($317 billion) in investments from member states, their development banks, the private sector and EU financing bodies, including the European Investment Bank, the European Commission said in a statement.

https://edition.cnn.com/2021/12/01/busin...index.html

Schneemann