EU announces 300 billion Euro infrastructure plan to replace the Belt and Road Initiative

Edit and translation: Jenny Ball
Editor: peacelv

On December 1, 2021, Ursula von der Leyen, President of the European Commission, rang the bell at the opening ceremony of the Commission of Commissioners in Brussels. (Olivier Matthys/POOL/AFP)

The European Commission announced a plan on Wednesday (December 1) to invest 300 billion euros (about 340 billion U.S. dollars) worldwide in infrastructure, digital and climate projects by 2027, it will “truely” replace the CCP’s “One belt, one Road” initiative.

The project called “Global Gateway” aims to strengthen European supply chains, promote EU trade and help combat climate change, with a focus on digitalization, health, climate and energy and transportation sectors, as well as education and research.

The head of the European Commission, Ursula von der Leyen, said that unlike the CCP’s “One Belt, One Road” initiative, the EU will ensure that local communities benefit from infrastructure projects under the “Global Gateway”. For them, EU participation means less investment risk.

“In fact, all countries…need better different proposals from (CCP’s “One Belt One Road”).” Von Delane said at the press conference that the “Global Gateway” is “a real alternative to (One Belt, One Road).”

The CCP launched the “One Belt One Road” project in 2013 and invested heavily in infrastructure construction in dozens of countries around the world. But EU officials say that Beijing’s financing is often unfavorable and opaque, and it makes some poorer countries dependent on the CCP through debt.

This move in Brussels was made in response to complaints from some countries that the “Belt and Road” debt conditions are harsh and that the construction and environmental standards are insufficient, which has resulted in aversion to the CCP’s projects.

The EU “Global Gateway” will provide funding to recipient countries in the form of grants, loans and guarantees. The European Commission said that these funds will be provided under “fair and favorable conditionsto prevent third-country governments from facing debt problems.

EU: Our development aid is purely a grant

The European Commission said that the “Global Gateway” program will focus on physical infrastructure such as fiber optic cables, clean transportation corridors and clean power transmission lines to strengthen digital, transportation and energy networks.

The “Global Gateway” project was implemented after the Group of Seven (G7) summit held in the United Kingdom in June. At that time, the meeting decided to launch a global infrastructure initiative, and the Biden administration called it “value-oriented, high standards and transparent.”

Commentary: CCP’s “One belt” is for hanging all the countries to death as all the countries involved are in “one road” of debt and to become CCP’s colonies.

Source of Article: hk.epochtimes.com

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