It’s intended to advance the infrastructure in emerging and developing countries. The EU plans to invest up to 300 Billion Euros in the development of modern infrastructure over the next six years. The project is a key initiative in the EU’s competition with China and is intended as an alternative to the Chinese silk road for many partner countries. China on the other hand is investing almost a trillion Euros in its new silk road initiative more than three times as much as the EU.
The money while 300 billion Euros is a lot of money a lot of it is already earmarked in the seven year budget of the European Union and this is really about how they’re structuring it. Global investment strategy given the vast differences in the amount of money. They are spending that is the million dollar or 300 billion or one trillion dollar. Question isn’t it China obviously can mobilize. The government has much more control over exactly what they want to do and can send money out. Whereas in the European Union. It requires consensus among EU member states also important to note there are countries and governments in the EU who would say that some of this money would be better off spent in the European Union. There are also 18 countries who are signed up to China’s belt and road initiative projects.