EU makes magnanimous plan to counter China BRI strategy
On Wednesday, the European Commission announced a plan for enlisting €300 billion ($340 billion) in public and private infrastructure investment around the world. As of the source, the EU had made this plan as a reply to China BRI strategy.
As of commission documents, Between 2021 and 2027, the Global Gateway may target to make around 300 billion euros. Moreover, the amount of the investment may produce mutually resources of the EU, member states, and EU commercial institutions, and national development finance institutions.
But, the global gateway plan does not mention the Chinese infrastructure plan. However, the EU chief called it a roadmap for significant expenditure in worldwide infrastructure development.
Further, the needed funds may not receive from EU and world organization financial reserves. A section of people said that the worldwide infrastructure development plan will collect funds from the private sector and international institutions.
CHINA GLOBAL INVESTMENT:
According to the source, China’s GI to recognize as Belt and Road strategy. In 2013, the country had launched a flagship project of President Xi Jinping. Further, the capital of China said it invested around $139.80 billion by the end of 2020 which added $22.50 billion in the last year.
Recently, the country has shown interest on to develop land and sea infrastructure. Through this plan, it wants to make a better connection between China to Asia, Europe, and Africa. Moreover, the aim of this plan is to increase trade and development between these countries. It also found a section of partners throughout the world.
China BRI infrastructure projects received the bulk investments from Indonesia ($20.30bn), Pakistan (27.30 billion dollars), Kazakhstan ( $ 12bn).