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.
Lead the Conversation on China
Subscribe Today to Get Full Access to The China-Global South Project
The China-Global South Daily Brief delivered to your inbox at 6AM Washington time
Full access to exclusive news and analysis from editors based in the Global South
Transcripts of CGSP’s twice-weekly podcasts