The European Union will present its strategy for spending over 40 billion euros on technology and infrastructure next week, as part of the West's reaction to China's Belt and Road initiative.

The EU's "Global Gateway" policy will prioritize investments in the areas of technology, transportation, energy, and trade. The plan aims to strengthen Europe's global interests and competitiveness while simultaneously supporting environmentally sustainable norms and principles such as democracy, human rights, and the rule of law.

The strategy is based on a US-led agreement reached at the Group of Seven summit in July, in which leaders agreed to launch a global infrastructure initiative called Build Back Better World to help address the developing world's infrastructure gap and provide a green alternative to China's ambitious initiatives.

According to the document, the Global Gateway plan will "provide an umbrella brand for the already extensive EU investment in infrastructure worldwide," allowing for better coordination among member states, expanded cooperation with international and regional partners, and increased funding efficiency.

According to the draft, the EU will provide 40 billion euros in guarantees through its European Fund for Sustainable Development Plus mechanism, in addition to several billion euros in awards. The document also states that investments in connection are likely to increase under the EU's current budget cycle, which runs until 2027.

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