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G7 aims to raise $ 600 billion to compete with China's Belt and Road Initiative

On Sunday, a group of seven leaders will fund the infrastructure needed in developing countries to counter China's old trillion-dollar Belt and Road Initiative. We promised to raise $ 600 billion in private and public funding over five years. Road project.

US President Joe Biden and other G7 leaders have been renamed "Partnership for Global Infrastructure and Investment" at the annual meeting in Schloss Elmau, South Germany this year. Has resumed.

Biden said the United States will mobilize $ 200 billion in grants, federal funding and private investment over five years to help tackle climate change and improve global health and gender. He said he would support national projects. Fairness and digital infrastructure.

"I want to be clear. This is not an aid or charity. It's an investment that benefits everyone," Biden said, "democracy."

Mr Biden said he could get hundreds of billions of dollars in additional funding from multilateral development banks, development finance institutions, sovereign wealth funds and others.

European Commission President Ursula von der Leyen said in the same way to build a sustainable alternative to China's Belt and Road Initiative launched by President Xi Jinping in 2013. He said Europe plans to mobilize € 300 billion to the initiative during the period. Rally.

Italian, Canadian and Japanese leaders have also talked about their plans, some of which have already been announced separately. French President Emmanuel Macron and British Prime Minister Boris Johnson did not attend, but their country did.

China's investment plans include developments and programs in more than 100 countries aimed at creating a modern version of the ancient Silk Road trade route from Asia to Europe.

White House officials said the plan had little concrete benefit to many developing countries.
Biden has several major projects, including a $ 2 billion solar development project in Angola with the support of the Ministry of Commerce, the US Export-Import Bank, the US company Africa Global Schaffer, and US project developer Sun Africa. I emphasized.

Washington, together with G7 members and the EU, will provide $ 3.3 million in technical assistance to the Pasteur De Dakar Institute in Senegal to develop an industrial-scale, flexible multi-vaccine manufacturing facility in Senegal. Eventually it may produce COVID-19 and other vaccines. This is a project involving the EU.

The United States Agency for International Development (USAID) will also contribute up to $ 50 million over five years to the World Bank's Global Child Care Incentive Fund.

Friederike Roder, vice president of the nonprofit Global Citizen, said the investment pledge is a "good start" to strengthen G7 countries' involvement in developing countries and all. He said it could support people's stronger global growth.

She said G7 countries provided on average only 0.32% of gross national income in development assistance, less than half of the promised 0.7%.

"But without developing countries, there can be no sustainable recovery of the world economy," she said.