EU announces BRI alternative
- European Union (EU) plans 300 Billion Euro Infrastructure Fund to Counter China’s Belt and Road Initiative (BRI) by 2027
- European Commission (executive branch of the European Union, responsible for proposing legislation, enforcing EU laws and directing the union's administrative operations) announced the plan.
- It will be a complex mix of public and private infrastructure funding comprising resources of the EU, member states, European financial institutions, international institutions and private sector.
- Ursula von der Leyen, President of the European Commission calls it “The Global Gateway Plan” and describes it as “roadmap for major investment in infrastructure development around the world”
- As per experts, The EU strategy is an offshoot of a plan by G7 countries to offer developing countries an alternative to China’s Belt and Road Initiative (BRI), but EU never mentions this by name. The West criticizes China’s BRI, for its debt policy, corruption prone nature and abuses of human, labor and environmental rights.
Belt and Road Initiative (BRI)
The initiative was incorporated into the Constitution of China in 2017.
G-7, or “group of seven,” is primarily a political forum of global leaders of top industrialized nations, formed in response to the oil shock of the 1970s. Members are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. In addition, the presidents of the European Council and the European Commission represent the EU at G-7 summits
Please Rate this article, so that we can improve the quality for you -