Europe must give developing nations alternative to Chinese funds—EU’s von der Leyen | Inquirer News
Close  

Europe must give developing nations alternative to Chinese funds—EU’s von der Leyen

/ 11:50 AM June 27, 2022
Europe must give developing nations alternative to Chinese funds—EU’s von der Leyen

European Commission President Ursula von der Leyen attends the official welcome to the G7 leaders summit at Bavaria’s Schloss Elmau castle, near Garmisch-Partenkirchen, Germany June 26, 2022. REUTERS

BERLIN — Europe will mobilize 300 billion euros in private and public funds over five years to fund infrastructure in developing countries as part of the G7’s drive to counter China’s multitrillion-dollar Belt and Road project, European Commission President Ursula von der Leyen said on Sunday.

“It is up to us to give a positive and powerful investment impulse to the world to show our partners in the developing world that they have a choice and that we intend to step up in solidarity to meet their development needs,” von der Leyen said at a news conference alongside the leaders of Germany, Italy, Canada, the United States and Japan.

ADVERTISEMENT

RELATED STORIES

Hot money rotating out of China into Asean

FEATURED STORIES

BIZ BUZZ: Beware of (mainland) Chinese bearing gifts

US to raise $200 billion for G7 vs China’s Belt and Road

Chinese president insists ‘no political strings attached’ to investments in Africa

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: China, EU, Europe
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.