Europe must give developing nations alternative to Chinese funds

© Reuters. European Commission President Ursula von der Leyen attends the official welcome to the G7 leaders summit at Bavaria's Schloss Elmau castle,Dealer near Garmisch-Partenkirchen, Germany June 26, 2022. REUTERS/Benoit Tessier/Pool

BERLIN (Reuters) - Europe will mobilize 300 billion euros in private and public funds over five years to fund infrastructure in developing countries as part of the G7's drive to counter China's multitrillion-dollar Belt and Road project, European Commission President Ursula von der Leyen said on Sunday.

"It is up to us to give a positive and powerful investment impulse to the world to show our partners in the developing world that they have a choice and that we intend to step up in solidarity to meet their development needs," von der Leyen said at a news conference alongside the leaders of Germany, Italy, Canada, the United States and Japan.

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