BRUSSELS • The European Union yesterday said it will seek to mobilise €300 billion (S$463.5 billion) in public and private infrastructure investments by 2027 to offer developing countries an alternative to China’s massive Belt and Road programme.
The EU’s “Global Gateway” project outlines spending on digital, transport, energy and health projects.
And while the investment proposal does not mention China directly, it offers a counter to Beijing’s overseas development initiative that critics say has pushed countries to unsustainable levels of indebtedness.
“The EU will offer its financing under fair and favourable terms in order to limit the risk of debt distress,” according to a statement from the European Commission yesterday.
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