European Union unveils $340 billion infra spend to rival China

To finance the project, the EU will use its European Fund for Sustainable Development Plus and will offer grants of up to 18 billion euros from external assistance programs

The European Union will seek to mobilise 300 billion euros ($340 billion) in public and private infrastructure investments by 2027 to offer developing countries an alternative to China’s massive Belt and Road program.
 
The EU’s “Global Gateway” project unveiled on Wednesday outlines spending on digital, transport, energy and health projects. And while the proposal doesn’t mention China directly, it offers a counter to Beijing’s overseas development plan that critics say has pushed countries to unsustainable levels of indebtedness. “The EU will offer its financing under fair and favorable terms in order to limit the risk of debt distress,” according