The European Union (EU) will reportedly reveal details of a global investment plan, which is seen as a potential rival to China's Belt and Road initiative.
Belt and Road is a global infrastructure development strategy adopted by the Chinese government in 2013 to invest in nearly 70 countries and international organizations.
This is one of President Xi Jinping's efforts to expand economic power through foreign policy.
According to information from sources familiar with the matter, the EU will set out ‘concrete’ ideas on digital schemes, transport, climate and energy.
It is seen as part of Western efforts to curb Chinese influence in Africa and other countries.
European Commission President Ursula von der Leyen is said to be unveiling an initiative called ‘Global Gateway’ on Wednesday.
In addition, the EU is also said to be looking at how it can use the billions of euros that will be taken from member countries, financial institutions and the private sector.
Von der Leyen had previously said that the EU wanted investment in quality infrastructure, connecting goods, people and services around the world.
