The European Commission released this Wednesday (1st) a plan to invest 300 billion euros (BRL 1.8 tri) by 2027 in infrastructure, climate and digital projects around the world to strengthen Europe’s supply chains, boost EU (European Union) trade and help fight climate change.
The scheme, called Global Gateway, is seen as the EU’s response to China’s Belt and Road initiative, and will focus on digitization, healthcare, climate, energy and transport, education and research.
EU money, in the form of concessions, loans and guarantees, will come from EU institutions and governments, as well as EU financial institutions and national development banks.
“The EU will offer its financing on fair and favorable terms in order to limit the risk of debt distress,” the Commission said in a statement.
China started its Belt and Road project to boost trade ties with the rest of the world in 2013 and has invested heavily in infrastructure development in dozens of countries.
The Commission said that the Global Gateway plan aims to establish links with other countries without creating dependencies.
“It will focus on physical infrastructure such as fiber optic cables, clean transport corridors, clean energy transmission lines, to strengthen digital, transport and power networks,” he said.
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