The European Commission (EC) on December 1, 2021 announced an international infrastructure plan called “Global Gateway,” which aims to mobilize €300 billion ($340 billion) in public and private infrastructure investment.
- The plan is global in scope, adapting to the needs and strategic interests of different regions, and is being seen as a European effort to challenge China’s Belt and Road Initiative, which was launched in 2013 and funds infrastructure projects in the developing world.
- The “Global Gateway” plan aims to mobilize the fund between 2021 and 2027 by joining the resources of the EU, member states, European financial institutions and national development finance institutions.
- Global Gateway will require buy-ins from international institutions and the private sector as well.
- G7 countries developed a plan at the summit earlier this year in Cornwall to provide countries with an alternative to Belts and Roads.
- Global Gateway also hopes to spread European technology and expertise out in developing countries.
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