EU chief: G7 is better for Global South than China's 'bad' deals

Western nations are a good alternative to China or Russia for the Global South when it comes to partnerships and financing, EU Commission President Ursula von der Leyen said on Saturday.
The "Belt and Road Initiative looked like a good, cheap offer. But many countries in the Global South have made bad experiences with China," she said, referring to Beijing's massive infrastructure project that seeks to connect China to Eurasia and Africa through new sea and land routes.
Critics say the programme has indebted many nations to the People's Republic.
The United States and European Union have also expressed concern about China strengthening its diplomatic and strategic foothold in regions across the world through the initiative.
"They took Chinese loans and ended up in a debt crisis. And all Russia has to offer these countries are weapons and mercenaries," the EU leader said at the meeting with the heads of state and government of the G7 leading democratic industrial nations.
This situation has created a "window of opportunity" for the "G7 and likeminded partners," she said
"We should offer win-win partnerships to emerging economies that are willing to work with us. But we have to be fast and we have to get concrete."
Von der Leyen said G7 countries dominate when it comes to large capital and technology transfers, mostly from the private sector.
"Our role is to de-risk their investments," she said, pointing to loan guarantees and blended finance operations.