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From Brussels, the president of the EC, Ursula Von der Leyen, announced a plan to facilitate 300,000 million euros in digital infrastructure, transport and education, among others. The proposal is directed to Latin America, Africa and Southeast Asia. It is a strategic move to combat the influence of China, which invests in around 15 countries in these regions.
This Wednesday, the European Commission presented a project to allocate around 300,000 million euros to the development of countries in Latin America, Africa and Southeast Asia. The intention is for it to be a “true alternative” to the new Silk Road headed by China.
In Brussels, the person in charge of spreading the news was the president of the organization, the German Ursula Von der Leyen. The leader said that this is a “geopolitical commission” that has proposed to invest in the next six years in areas such as education, energy, digitization and transportation, among others.
The head of the European executive assured that they are in a position to offer a different model from the one that China has been applying since 2013, when it began its investments in the five continents, including Europe, where it operates in countries such as Germany, Italy or Greece.
In total, the actions of the Asian giant represent more than a third of the world’s Gross Domestic Product (GDP) and encompass half of the planet’s population, according to data provided by the Organization for Economic Cooperation and Development (OECD) .
The leader pointed out the differences that the European plan has with the Chinese, promising that “there will be no unsustainable levels of debt” for the nations that want to participate in this agreement, which will be designed in an inclusive way and that the communities will benefit from these investments.
In addition, he stressed that economic aid from Beijing is loans, while the EU will be subsidies. “Countries have had their experiences with Chinese investments and they need better and different offers,” said Von der Leyen.
One of the novelties within this new project of the European Commission is the proposal to open the doors to the private sector to mobilize the 300,000 million euros, one of the main counterpoints to the Chinese methodology.
The investment priorities will be to promote the ecological and digital transition, something that Brussels intends to promote within the continent, such as the installation of submarine cables that enable the intercontinental exchange of data.
The project was designed by the Spanish Josep Borrell, high representative for Foreign Policy of the European Union, who said that this plan “reaffirms the vision of promoting a network of connections that must be based on international standards and regulations to provide equal conditions” .
This proposal, the document presented, will help the EU in its own interests to “strengthen supply chains and open up more business opportunities.”
Von der Leyen said that “the first test” will take place at the summit that will bring together the EU and the African Union in the spring of next year.
Of the 300,000 million that are intended to be invested, 135,000 will come from the European Fund for Sustainable Development, 145,000 from financial institutions, 18,000 million from European foreign aid programs and the rest of the Member States.
With EFE and Reuters
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