The United States, along with other G7 countries, plans to allocate US$600 billion by 2027 for investments in “quality and sustainable infrastructure” worldwide.
The announcement was made by US President Joe Biden during the G7 summit in Germany on Sunday, 26th. The United States will contribute $200 billion over the next 5 years.
“The Global Infrastructure and Investment Partnership will deliver groundbreaking projects to bridge the infrastructure gap in developing countries, strengthen the global economy and supply chains, and enhance the national security of the United States.”
The initiative was launched by Biden and other G7 leaders at the Cornish summit to offer an alternative to the Silk Road and counter China’s influence in the developing world.
According to the American leader, “when the democracies come together, there is nothing they cannot achieve.” “This plan is not a charity. It is an investment that will pay off for Americans and citizens of the world,” he said, presenting his infrastructure initiative to the G7.
According to Ursula von der Leyen, president of the European Commission, today the world needs these investments more than ever.” “We will have to work side by side”.
Before the announcement, German Chancellor Olaf Scholz expressed the G7’s “common concern” over the global economic situation, particularly due to rising inflation and the energy crisis caused by the war in Ukraine.
“We share this concern,” he said, emphasizing “confidence” that group leaders can deliver the “necessary message of unity” in the face of the situation created by the “brutal aggression” initiated by Russian President Vladimir Putin.
source: Noticias
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