As part of our global recovery, we want to redesign how we connect the world to build forward better.” – Ursula von der Leyen
The EU’s Global Gateway is the most recent sizable offer in the geopolitical battle to sponsor infrastructure projects in developing countries. In 2021, the European Union unveiled Global Gateway as a plan to promote sustainable infrastructure development throughout the globe.
Spending of €300 billion is planned for the initiative’s five-year run. The European Commission advocated for Global Gateway as a model for how Europe can build stronger links around the world. Catalyzing and supporting private sector investment in new markets is also an important part of the initiative, along with promoting good governance, and developing partnerships based on equality, and green, clean, and secure infrastructure.
Global Gateway is comparable to China’s Belt and Road Initiative (BRI), which was launched in 2013. The BRI has focused its attention on massive investment initiatives aimed at constructing and improving infrastructure projects in countries all over the globe. While the BRI is a comprehensive investment initiative, Global Gateway is more sector-specific and aims to move quickly. The key to Global Gateway is the use of national and EU resources from financial institutions and development banks, with the expectation that such investment would free up substantial private capital.
– S. M. Saifee Islam is a Research Associate at the KRF Center for Bangladesh and Global Affairs (CBGA), Dhaka, Bangladesh.
Published in International Policy Digest. Read More [Link]
