The European Union is preparing the “Global Gateway” project for developing countries as an alternative to China’s Belt and Road Initiative (BRI). Europe will invest $300 billion in infrastructure development around the world as part of the Global Gateway initiative.
Western countries started to pay close attention to projects in developing countries after China began to expand its geopolitical footprint. Currently, the Global Gateway is not pitched as an alternative to the Chinese project. The documentation emphasizes that the initiative should provide an "ethical approach," but it seems that countries are on the verge of a serious confrontation.
“By offering a positive choice for global infrastructure development, Global Gateway will invest in international stability and cooperation and demonstrate how democratic values offer certainty and fairness for investors, sustainability for partners and long-term benefits for people around the world,” the official document concludes. It also shows that investments will be aimed at “the digitalisation, health, climate and energy and transport sectors,” which is similar to the Chinese plan.
The amount of $300 billion should be invested by 2027, bringing together resources of the EU and partly of the Member States, European financial institutions, and national development finance institutions. Besides, the project seeks “to mobilise private sector finance and expertise.“
