Up to €300 billion for EU response to China’s Silk Road

The EU reportedly plans to mobilize up to €300 billion for its Global Gateway infrastructure initiative in response to China’s Silk Road program. A period between 2021 and 2027 is estimated for the disbursement of the funds, the Financial Times reported. According to the report, the €300 billion will come from various programs in the EU budget. However, the EU also wants to involve the private sector as well as the European Investment Bank and national development banks. It plans to officially present the strategy on Wednesday.