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EU wants to mobilize 300 billion euros in development aid to compete with China

The European project, seen as an alternative to the Chinese strategy of “New Silk RoadsIs presented as a model of respect for human rights.

Brussels presented a strategy on Wednesday to mobilize up to 300 billion euros in public and private funds by 2027 in infrastructure projects around the world, a European response to Chinese influence.

The project, dubbed Global Gateway, will bring together resources from the EU, the 27 Member States, European financial institutions and national development institutions, as well as private sector investments, it is stated in a communication. of the Commission. “Investments in digital, health, climate, energy and transport sectors, as well as education and research, will be a priority», Underlines the document.

The European project, seen as an alternative to the Chinese strategy of “New Silk RoadsIs presented as a model of respect for human rights. “We want projects that are implemented with a high level of transparency, good governance and quality», Said the President of the European Commission, Ursula von der Leyen, during a press conference.

An alternative to the New Silk Roads

Beijing launched in 2013 its global investment strategy for “New Silk Roads», President Xi Jinping’s flagship project. Officially called “the Belt and the Road”, It aims to develop land and sea infrastructure to better link China to Asia, Europe and Africa. China has already committed nearly 140 billion dollars (124 billion euros) of investments, according to its official data.

Westerners see it as a tool for China’s influence on poor countries. They accuse Beijing of inciting emerging countries to over-indebtedness, criticize non-transparent tenders, suspect corrupt practices and denounce non-respect for human, social and environmental rights. The European strategy presented on Wednesday hinges on a plan by the G7 countries to offer developing countries an alternative to the New Silk Roads, presented in June at the summit of the seven industrial powers in Cornwall (United Kingdom).

During her State of the Union address on September 15, Ursula von der Leyen announced the launch of this “Global Gateway». «We are very good at financing roads. But it doesn’t make sense for Europe to build a perfect road between a Chinese-owned copper mine and a Chinese-owned port. We need to be smarter about these types of investmentsShe said.

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