EU announces provision of €300 billion against China’s BRI

Brussels/Beijing: – The European Union (EU) has announced an investment of 300 billion euros to challenge China’s ambitious Belt and Road Initiative (BRI). On Wednesday, European Commission President Ursula von der Leyen told the ‘Global Gateway’ initiative. She explained that the initiative would focus on infrastructure, health, climate change, and long-term development plans in developing countries. Europe’s new project is considered the third biggest blow to China’s BRI plan. The United States and Japan have already announced plans to pose a challenge to BRI.

In the last decade, Chinese President Xi Jinping announced the ambitious Belt and Road Initiative (BRI). The plan’s main objective was to increase the Chinese influence in various countries through infrastructure development. Over the past few years, China has made the scheme a part of its predatory economic policies, using it to seize vital resources from poor and underdeveloped countries. China’s poaching economy has provoked strong reactions worldwide, with many countries, including the United States and Europe, preparing to respond. The ‘Global Gateway’ is part of the same initiative.

‘The European Union will consider projects in developing countries from a democratic standpoint. The projects to be selected will be of high quality, with proper transparency and concrete results. The Global Gateway project will be recognised as a trusted brand in the future.’ said Ursula von der Leyen, President of the European Commission. According to the Union’s plan, the scheme will be operational by 2027, with a provision of 300 billion euros. An official of the federation indicated that African countries would be given priority for projects in the ‘Global Gateway’.

Two years ago, Japan challenged China’s BRI through its ‘Partnership for Quality Infrastructure’ program. Australia and New Zealand have also announced separate funding for smaller island nations in the Pacific. Then in June, the G7 rocked China by announcing the ‘Build Back Better World’ (B3W) program. This scheme informed that development projects would be implemented in countries in the poor and middle economic strata. After that, Europe seems to have delivered a significant blow to China’s poaching economy by undertaking this independent venture.