The EU’s plan to invest €300bn in global infrastructure will be better than China’s belt and road initiative, the European Commission president has said, as she announced a strategy to boost technology and public services in developing countries.
Ursula von der Leyen said the EU’s global gateway strategy was a positive offer for infrastructure development around the world and based on democratic values and transparency.
China’s belt and road initiative, often described as a 21st-century silk road, has enabled Beijing to extend its international influence by investing in more than 70 countries, accounting for half the world’s population and a quarter of GDP.
Forecasted to cost up to $1.3tn, it has helped countries in Asia Africa and eastern Europe to get railways and ports connecting them to China, while often becoming heavily indebted to Beijing. Von der Leyen who came to office pledging to lead “a geopolitical commission”, said countries did not have enough options on finding investment for big infrastructure projects.
Under the plans, the European commission the EU’s 27 member states and its lending arm, the European Investment Bank would aim to generate €300bn in public and private funds by 2027, about €60bn a year. Possible projects the EU could support include green hydrogen, underwater data cables and spending in schools.
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