Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

EU lines up 70 projects to rival China’s Belt and Road infrastructure spending

EU lines up 70 projects to rival China’s Belt and Road infrastructure spending

Taking on China’s Belt and Road initiative, EU prioritizes 70 international infrastructure projects.

The European Union’s riposte to China’s web of trade and infrastructure projects spanning the globe is finally getting real.

Europe's flagship Global Gateway projects seek to offer developing countries an alternative to China's strategic largesse in the Belt and Road Initiative, through which Beijing projects its power along strategic trade routes via port developments, energy schemes and telecoms networks.

The first projects of EU's Global Gateway include a digital cable under the Black Sea; a submarine optical fiber cable to connect the Mediterranean and Northern African countries, and a dam and hydroelectric plant in Cameroon.

Those are just some of the 70 projects that the EU is prioritizing this year under the Global Gateway, according to a document obtained by POLITICO.

“Global Gateway is becoming concrete. Now we mean business," one senior EU official said of the project hit list.

The Global Gateway aims to mobilize up to €300 billion in public and private funds by 2027 to finance EU infrastructure projects abroad.

By comparison, China has invested nearly $2.3 trillion into nearly 4,000 overseas investment and construction projects since 2005 — giving Beijing a big head start just as the EU launches its effort to extend its economic reach.

Belt and Road projects account for around $370 billion of that, the American Enterprise Institute estimates, with the pace of outlays slowing due to the economic impact of Beijing’s policy of suppressing the coronavirus pandemic that were only eased late last year.


Project selection


The West has faced repeated criticism that its efforts to challenge the Belt and Road are too fragmented and slow.

European Commission President Ursula von der Leyen told a meeting of EU foreign ministers last month that the bloc needed to raise its game and deliver visible results on the ground. That meeting led to the selection of the first batch of projects.

"This shows what Global Gateway will look like in practice on the ground in 2023," said a second EU official.

European Commission President Ursula von der Leyen said the bloc needed to raise its game


Some of the Global Gateway projects are low-hanging fruit, with concrete steps in prospect this year such as starting construction work, signing a memorandum of understanding or lining up financing. Meanwhile, the EU will start laying the groundwork for other projects in the next coming years.

The first official stressed that the list did not reflect any geopolitical choices. "There is no political messaging behind this," the official said.

But there are some sensitive projects which may have geopolitical ramifications.

The EU has several projects planned in China's backyard, such as an energy transition partnership with Indonesia and a digital connectivity project in the Philippines. The same goes for some projects in Russia's backyard, such as a hydrogen project in Kazakhstan, a transport link in Central Asia, two projects in Mongolia and a hydro-power plant in Tajikistan.

The list of priorities was first discussed by EU diplomats last Friday. There will be further talks this week, with the aim of wrapping up the list in the week of February 6, the two EU officials said.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Hungary Ranked Among the World’s Safest Travel Destinations for 2025
×