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Dec 02, 2021 07:56 PM

EU’s ‘Global Gateway’ Infrastructure Push Offers Alternative to China’s ‘Belt and Road’

The 13.5 km Zojila tunnel at Drass in Kargil district, the Union Territory of Ladakh, India. Photo: Bloomberg
The 13.5 km Zojila tunnel at Drass in Kargil district, the Union Territory of Ladakh, India. Photo: Bloomberg

(Bloomberg) — The European Union will seek to mobilize 300 billion euros ($340 billion) in public and private infrastructure investments by 2027 to offer developing countries an alternative to China’s massive Belt and Road program.

The EU’s “Global Gateway” project unveiled on Wednesday outlines spending on digital, transport, energy and health projects. And while the proposal doesn’t mention China directly, it offers a counter to Beijing’s overseas development plan that critics say has pushed countries to unsustainable levels of indebtedness.

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