The plan is "global in scope, adapting to the needs and strategic interests of different regions" and is seen as a European effort to challenge China's Belt and Road Initiative, launched in 2013, and funds infrastructure projects in the developing world. Critics say China's plan traps recipients in debt.
A document outlining the plan said it aims to mobilize the fund between 2021 and 2027 by joining the "resources of the E.U., member states, European financial institutions and national development finance institutions."
The G7 commission, earlier this year, acknowledged the trans-Atlantic roots of the plan on its website, noting, "Initiatives such as the Build Back Better World and Global Gateway will mutually reinforce each other."
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