US President Joe Biden announced that the Group of Seven launched a massive program of investments in developing countries, worth $600 billion, aimed at responding to large-scale projects funded by China.
“With partners in the Group of Seven, we seek to raise $600 billion by 2027 for global investment in infrastructure,” the White House said before a speech by Biden revealing this proposal during the G7 summit in southern Germany.
The US President stressed that this program is based on “shared values” such as “transparency” as well as respect for workers’ rights, the environment and gender equality.
“We offer better options,” he said. Neither Biden nor the other leaders mentioned China by name, but they alluded to it explicitly.
For her part, European Commission President Ursula von der Leyen considered that the partner countries of the West “have a choice” to go to democracies instead of Beijing to develop electricity networks or medical infrastructure.
German Chancellor Olaf Scholz, who presented the project alongside the US President, stressed that the Group of Seven “set itself an ambitious goal of providing a better offer to the world in terms of infrastructure investment.”
The United States pledged to “raise” about “200 billion dollars” alone within five years for this program. But the term “collect” does not mean that countries will provide these huge sums.
Consequently, Washington will raise $200 billion through public and private loans and financing.
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