The G7 countries launched a large investment program for 600 billion dollars for developing countries, designed to respond to the large works financed by China, US President Joe Biden announced.
“With the G7 partners, we seek to mobilize 600 billion dollars by 2027 for global investments in infrastructure”, declared the White House shortly before a speech by Biden, in which he unveiled this proposal, during the summit of the seven most industrialized countries of the West in southern Germany.
The “World Association for Infrastructures” (Partnership for Global Infrastructure) must, according to the same source, “provide sustainable quality infrastructures”.
The G7 “was given the ambition to make a better offer in the world in terms of investment in infrastructures”, stressed the German chancellor Olaf Scholzwho presented the project alongside the US president.
The United States promised to “mobilize” some “200 billion dollars” in five years for this program. But that word, “mobilize”, does not mean that the States will contribute those enormous sums.
Westerners want to distance themselves from China, which has invested massively in many countries to build infrastructure through the so-called program of the “New Silk Roads”or to guarantee access to some raw materials.
China is accused of carrying out projects through unprofitable or downright dangerous loans, which will aggravate the debt problems of the most vulnerable countries.
The Chinese offensive “has been going on for years and resulted in many investments in kind and multiple investments,” a senior White House official said on Sunday, “but it’s not too late,” he assured of the G7 initiative.
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.
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