Global Gateway Plan – UPSC Prelims

  • It is an international infrastructure plan of European Union.
  • The plan aims to invest €300 billion ($340 billion) globally in infrastructure, digital and climate projects by 2027.
  • The investment will be made in projects that can be delivered with high standards, good governance, transparency while ensuring financial sustainability at the same time.
  • The Plan will be implemented in a Team Europe approach that brings together funding by the EU, its Member States and European financial institutions.
  • The plan will also require buy-ins from international institutions and the private sector as well.
  • Significance:
    • Plan is considered as an offshoot of the Build Back Better World(B3W) Initiative.
    • Plan is being seen as a European effort to challenge China’s Belt and Road Initiative which was launched in 2013 and funds infrastructure projects in the developing world.
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