EU launches €300BN global investment plan

AFRICA WILL BE A MAJOR FOCUS OF THE SCHEME. THE EU HAS REVEALED DETAILS OF A €300BN (£255BN; $340BN) GLOBALINVESTMENT PLAN, DESCRIBED AS A “TRUE ALTERNATIVE” TO CHINA’S BELTANDROAD STRATEGY.

european Commission President Ursula von der Leyen said the Global Gateway scheme should become a trusted brand.

China has funded rail, roads and ports but has been accused of leaving some countries saddled with debt.

The Commission chief said countries need “trusted partners” to design projects that were sustainable. deliver on projects that focused on tackling climate change as well as global healthsecurity and sustainable development for developing countries.

Projects had to be of high quality, with a high level of transparency and good governance, and had to deliver tangible results for the countries involved, she explained. One EU official said that Africa would be a major focus of the scheme.

China’s strategy has reached into Africa, Asia, the Indo-Pacific and the EU too. China’s Cosco company owns two-thirds of the huge Greek container port at Piraeus and the China Road and Bridge Corporation has built a key bridge in Croatia.

“countries need The EU is look- “trusted ing at how it can leverage billions of partners”euros, drawn from member states, financial institutions and the private sector. This will largely take the form of guarantees or loans, rather than grants. Von der Leyen said the EU wanted to show that a different, democratic approach could BYMARK-ANTHONY JOHNSON CEO AT JIC HOLDINGS