The European Commission on Wednesday announced an international infrastructure plan called “Global Gateway,” which aims to mobilize €300 billion ($340 billion) in public and private infrastructure investment.

The plan is “global in scope, adapting to the needs and strategic interests of different regions,” and 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. Critics say China’s plan traps recipients in debt.

“We want to make Global Gateway a trusted brand that stands out because of high quality, reliable standards and high level of transparency and good governance,” said EU Commission head Ursula Von der Leyen.

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