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G7 aims to raise US$ 600bn to counter China’s Belt and Road

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US President Joe Biden attends a working lunch with other G7 leaders to discuss shaping the global economy at the Yoga Pavilion, Schloss Elmau in Kuren, Germany on Sunday.

GERMANY: Group of Seven leaders on Sunday pledged to raise US$600 billion in private and public funds over five years to finance needed infrastructure in developing countries and counter China’s older, multitrillion-dollar Belt and Road project.

U.S. President Joe Biden and other G7 leaders relaunched the newly renamed “Partnership for Global Infrastructure and Investment,” at their annual gathering being held this year at Schloss Elmau in southern Germany.

Biden said the United States would mobilize $200 billion in grants, federal funds and private investment over five years to support projects in low- and middle-income countries that help tackle climate change as well as improve global health, gender equity and digital infrastructure.

“I want to be clear. This isn’t aid or charity. It’s an investment that will deliver returns for everyone,” Biden said, adding that it would allow countries to “see the concrete benefits of partnering with democracies.”

Biden said hundreds of billions of additional dollars could come from multilateral development banks, development finance institutions, sovereign wealth funds and others. Europe will mobilize 300 billion euros for the initiative over the same period to build up a sustainable alternative to China’s Belt and Road Initiative scheme, which Chinese President Xi Jinping launched in 2013, European Commission President Ursula von der Leyen told the gathering. China’s investment scheme involves development and programs in over 100 countries aimed at creating a modern version of the ancient Silk Road trade route from Asia to Europe. G7 countries on average provide only 0.32% of their gross national income, less than half of the 0.7% promised, in development assistance, she said. – JAPAN TODAY

 

Tuesday, June 28, 2022 – 01:00











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