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.
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