EU Seeks To Rival China's Belt And Road With Own Infrastructure Plan

EU Seeks To Rival China's Belt And Road With Own Infrastructure Plan

European Union foreign ministers agreed to launch a global infrastructure plan linking Europe to the world, its latest step after deals with India and Japan.

Andrew H. Sweet

The EU has already signed partnerships with Japan and India to coordinate transport, energy, and digital projects linking Europe and Asia.

Both Tokyo and Delhi are worried about Chinese largesse that officials say makes poorer countries beholden to Beijing because they are forced to take on such large debts.

Through development banks, first-loss guarantees to private companies, and by offering Western government know-how, the G-7, whose leaders met in England in June, also want to provide more transparency in infrastructure partnerships.

Since 2013, China has launched construction projects across more than 60 countries, seeking a network of land and sea links with Southeast Asia, Central Asia, the Middle East, Europe, and Africa.

Read the original story here.

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