EU announces 70 planned projects

The European Union (EU) is finally concretely launching a new initiative called Global Gateway, which aims to provide an alternative to China’s Belt and Road Initiative. The Global Gateway is a collection of infrastructure projects that the EU is prioritizing this year, with the goal of mobilizing up to €300 billion in public and private funds by 2027 to finance EU infrastructure projects abroad.

The first projects of the EU’s Global Gateway include a digital cable under the Black Sea, a submarine optical fiber cable to connect Mediterranean and Northern African countries, and a dam and hydroelectric plant in Cameroon. These projects are part of the 70 projects that the EU is prioritizing this year under the Global Gateway.

The Global Gateway initiative aims to offer developing countries an alternative to China’s strategic largesse in the Belt and Road Initiative. China’s initiative includes port developments, energy schemes, and telecoms networks, and has invested nearly $2.3 trillion into nearly 4,000 overseas investment and construction projects since 2005. However, due to the economic impact of Beijing’s policy of suppressing the coronavirus pandemic, the pace of outlays has slowed.

The EU’s Global Gateway is an effort to extend its economic reach and provide an alternative to China’s Belt and Road Initiative. It is becoming concrete, and the EU is now taking action to mean business.