The European Union has unveiled a project called ”Global Gateway” that is worth 300 billion euros ($340 billion). The project is being seen as a response to China’s Belt and Road strategy.

Global Gateway Project

• It is the initiative Build Back Better World and the European Global Gateway that are reinforcing each other.
• The bloc will mobilize the financial aid in public and private infrastructure investment around the world.
• It is an offshoot of a plan by G7 countries to offer developing countries an alternative to Belt and Road.
• The project will probably extend the remit of the European Fund for Strategic Investment, or create a similar institution, which can act as a guarantor for riskier investments in the ‘Global South’.
• The EU has indicated it especially wants to compete for infrastructure development projects in Africa.

About Belt and Road Initiative

• The Belt and Road is a flagship project of Chinese President Xi Jinping that was launched in 2013.
• Beijing has invested $139.8 billion in the project which is the centerpiece of Chinese foreign policy.
• BRI aims to develop land and sea infrastructure to better connect China to Asia, Europe and Africa for trade and development, and it has found many partners around the world.

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