US Aims To Raise $200 Billion To Fund Global Infrastructure Projects
NDTV
The global project was formally launched under the, "Partnership for Global Infrastructure and Investment".
The United States aims to raise $200 billion in private and public funds over five years to fund needed infrastructure in developing countries under a G7 initiative aimed at countering China's multi trillion-dollar Belt and Road project, the White House said on Sunday.
U.S. President Joe Biden will unveil the plans, flanked by other G7 leaders, some of whom have already unveiled their own separate initiatives, at their annual gathering being held this year at Schloss Elmau in southern Germany.
Increasingly worried about China, G7 leaders first floated plans for the project last year, and are formally launching it now under a fresh title, "Partnership for Global Infrastructure and Investment" while dropping the moniker "Build Back Better World" first coined by President Biden during his presidential campaign.
President Joe Biden will unveil several specific projects at a G7 side event, joined by leaders from Britain, Germany, Japan, the European Union and Canada, vowing to focus on projects that help tackle climate change as well as improve global health, gender equity and digital infrastructure. Notably absent will be French President Emmanual Macron who had formally joined the Chinese infrastructure program.
