Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Friday, May 24, 2024

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.


Related Articles

Hong Kong News
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.