G7 aims to raise $600 billion for global infrastructure program by 2027: Biden

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SCHLOSS ELMAU, Germany

US President Joe Biden announced on Sunday that the G7 aims to raise $600 billion by 2027 for a global infrastructure program.

“These strategic investments are areas of critical importance to sustainable development and our shared global stability, health and health security, digital connectivity, gender equality and equity, climate and energy security. “, he said at a press conference at Elmau Castle. in the Bavarian Alps.

This new infrastructure initiative aimed at low- and middle-income countries against the Belt and Road project, China’s “Modern Silk Road”, whose budget is expected to reach 10 trillion dollars.

Biden pointed to ongoing infrastructure projects in these areas, saying critical investments would be made in the health sector to prepare for future pandemics.

“The United States, along with G7 partners and the World Bank, has invested in a new industrial-scale vaccine manufacturing facility in Senegal,” he said, adding that when the facility is complete , it would have the potential to produce “hundreds of millions of vaccine doses per year against COVID-19 and other diseases.”

This investment will also improve the global supply of vaccines, he noted.

Regarding digital connectivity, Biden stressed the importance of making secure information and communication technologies available to the public.

“Our economy is increasingly dependent on people’s ability to connect to the secure information and communications technologies that we need to bolster the use of trusted technologies,” he said.

This program mobilizes $335 million in private capital to provide secure network equipment in Africa, Asia and Latin America, he explained.

Highlighting Washington’s support for a successful bid by US firm SubCom to establish a global network of undersea telecommunications cables in a $600 million contract, he said: “This cable will stretch from Southeast Asia to the Middle East, from the Horn of Africa to Europe.”

He also pointed out that the whole world is feeling the impact of the Russian-Ukrainian war on energy markets.

“We need a global effort to invest in transformative clean energy projects to ensure critical infrastructure is resilient to climate change,” he said.

Critical materials are needed for the transition to clean energy, he noted, saying that, for example, the US government has just facilitated a new partnership between two US companies and the Angolan government to invest $2 billion in the construction of new solar projects in this southern African country.

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