The European Commission unveiled on Wednesday a plan to invest 300 billion euros globally by 2027 in infrastructure, digital and climate projects, European Commission President Ursula von der Leyen told a news conference.
Report informs, citing foreign media, that the scheme, called Global Gateway, is to strengthen Europe's supply chains, boost EU trade and help fight climate change, focusing on digitalization, health, climate and energy and transport sectors, as well as education and research.
“The EU will offer its financing under fair and favorable terms in order to limit the risk of debt distress,” according to a statement from the European Commission. Partners will have to adhere “to the rule of law, upholding high standards of human, social, and workers’ rights and respecting norms from international rules and standards to intellectual property,” the statement said.
To finance the project, the EU will use its European Fund for Sustainable Development Plus, which can make available 40 billion euros in guarantee capacity, and will offer grants of up to 18 billion euros from external assistance programs.