Between 2014 and 2020, the European Union spends over 70 billion euros on infrastructure development in Central-Eastern Europe. The Chinese 16+1 program offers a loan of 10 billion that will have to be repaid with interests.
This must be why we kick and spit at the EU and suck up to China.
Apart from Hungary, non-EU member Serbia also enjoys the no strings attached Chinese loans.
“The Chinese offers frequently beat the often fragile financing from Russia (a credit line for Serbia), or from the European Bank for Reconstruction and Development (EBRD) and the World Bank, which is often linked to conditions regarding internal reforms and financial discipline, as well as the limited pre-accession funds from the EU.”
I am no fan of development spending as it is, but I can’t help but wonder whether our political elites have some future war criminals or stern European prosecutors in mind when they shrink from accepting civilized money.