The EU will seek to mobilise €300bn in public and private infrastructure investments by 2027 to offer developing countries an alternative to China’s huge Belt and Road programme.
To finance the project, the EU will use its European Fund for Sustainable Development Plus, which can make available €40bn in guarantee capacity, and will offer grants of up to €18bn from external assistance programmes. Jutta Urpilainen, the EU commissioner in charge of development policy, told reporters on Wednesday that the bloc’s development assistance rivalled that of Beijing, adding that “we have been providing grants, China has provided lending”.
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