Up to 300 billion euro to be invested in developing nations

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Up to 300 billion euro to be invested in developing nations

This may include adverts from us and 3rd parties based on our understanding. Up to 300 billion euro are going to be invested in infrastructure of developing and emerging countries over the next six years to expand the influence of the EU in the world. The EU Commission shows that the money is intended to be invested in projects to improve energy, data and transport networks, as Ursula von der Leyen shows in her draft project.

The initiative is due to be presented in Brussels on Wednesday. The Global Gateway project could support fibre optic cables for high speed internet connections, new railway lines or plants for the production and liquefaction of green hydrogen, for example. The growing influence of China in the world is a factor in the plan, as China invests in infrastructure projects with its Silk Road initiative. In Beijing's approach, countries like Germany have been pushing for stronger EU engagement in this area.

China has invested around 4 tn dollars in the Belt and Road project, with 52 out of 54 African nations already seeing China cement itself into the various nations infrastructures. Since Barbados became a republic, China has reportedly ploughed more than 400 million dollars into the Barbadian economy to improve its homes, infrastructures and build a hotel. Heiko Mass, German Foreign Minister, said China is using economic and financial resources to increase its influence in Brussels in the summer. He added that it is important that the European Union offers its own alternatives. Strengthening international networking will improve the competitiveness of the EU and reduce strategic dependencies, for example with regard to critical raw materials, from the perspective of the 27 EU member states. According to the plans, up to 135 billion euros of the total amount will be mobilised through the Fund for Sustainable Development EFSD and 145 billion euros through other European financial institutions. Grants of up to 18 billion euros are to come from EU programmes that are not financed by the EFSD, according to the permanent representative of the Federal Republic of Germany to the EU, said Global Gateway has the potential to make the EU an effective geopolitical actor. Fury as BBC announces identical Christmas line-up REPORT Jacob Rees-Mogg will be investigated over 6 m loan REVEAL Remoaner argument as Canada's emergency Maple syrup reserves INSIGHT The offer of rule and value-based cooperation on equal terms will be an attractive alternative to the Chinese Silk Road for many partner countries.

Another EU diplomat who did not want to be named said that it would now be important to fund the initiative to the planned extent and to allow the first steps to be implemented quickly. If that succeeds, the partnership approach could underpin the EU's geopolitical ambitions and reduce Chinese influence. The EU was good at financing roads according to the work on the project, according to Commission President Ursula von der Leyen. She warned that it doesn't make sense to build roads between a Chinese owned copper mine and a Chinese owned harbour. Future investments need to be smarter.