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Europe Unveils Its €300 Billion Alternative to China’s Belt and Road

European Commission President Ursula von der Leyen speaks during a press conference on the Global Gateway at the EU headquarters in Brussels, on December 01, 2021. Kenzo TRIBOUILLARD / AFP

European Commission President Ursula von der Leyen revealed the details of its highly anticipated Global Gateway infrastructure development initiative that aims to provide an alternative for developing countries to China’s Belt and Road Initiative.

In all, the EU aims to raise €300 billion (about $340 billion) over the next five years with €18 billion coming from various EU external assistance programs, €145 billion from different European development finance institutions, and €135 billion from the European Funds for Sustainable Development Plus (EFDS+). They plan to raise these funds by 2027, at a rate of about €60 billion per year.

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