G7 announces $600 billion infrastructure plan to rival China’s Belt and Road

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  • President Joe Biden and G7 leaders are stepping up efforts to counter China’s Belt and Road initiative.
  • The leaders pledged $600 billion for a new global infrastructure project for emerging market economies.
  • “I want to be clear. This is not about aid or charity. This is an investment that will pay off for everyone,” Biden said.


President Biden and G7 leaders have pledged $600 billion for a new global infrastructure project for emerging market economies countering the Chinese regime’s Belt and Road Initiative.

G-7 leaders from the United States, Canada, Germany, Italy, Japan and the European Union met at a summit in Bavaria, Germany on Sunday and unveiled the Partnership for Global Infrastructure and Investment (PGII) which “will deliver game-changing projects to fill the infrastructure gap Developing countries, strengthen the global economy and supply chains, and advance U.S. national security,” a White House press release Lily.

At the summit, Biden said the United States would deploy $200 billion in grants, federal funds and private investments over five years for low- and middle-income countries to strengthen infrastructure.

“I want to be clear. This is not about aid or charity. This is an investment that will benefit everyone,” Biden said. He added that this would allow countries to “see the concrete benefits of partnering with democracies.”

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Europe has pledged $316 billion over the next five years for PGII, while Japan has pledged $65 billion.

This will boost all our economiesand this is a chance for us to share our positive vision for the future and let communities around the world see for themselves the concrete benefits of partnering with democracies,” the President said.

China’s Belt and Road Initiative program was launched in 2013 and is the centerpiece of Chinese President Xi Jinping’s overseas agenda. Also known as the 21st Century Maritime Silk Road, China’s infrastructure initiative has projects in more than 100 countries with the aim of resuscitating ancient trade routes between Asia and Europe. ‘Europe.

Since its launch, Western officials have accused Beijing of pursuing debt trap diplomacy providing countries with funding to build infrastructure that benefits China more than the countries themselves.

By Zerohedge.com

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