G7 leaders have launched a detailed plan to to mobilise hundreds of billions of dollars and deliver quality, sustainable infrastructure in a move deemed to counter Chinese President Xi Jinping’s ambitious Belt and Road Initiative (BRI).The Partnership for Global Infrastructure and Investment (PGII) relaunches a scheme unveiled at last year’s G7 talks in Cornwall, England.
US President Joe Biden said that last year in Cornwall, the G7 made a commitment to step up and provide financing for quality, high-standard, sustainable infrastructure in developing and middle-income countries.We’re offering better options for countries and for people around the world to invest in critical infrastructure that improves the lives, their lives, all of our lives, and delivers real gains for all of our people, not just the G7, all of our people.Biden said that the G7 leaders aim to mobilise nearly $600 billion by 2027.
Of the total, the US will raise $200 billion via grants, federal funds and private investment, while the European Union (EU) has pledged 300 billion euros ($316 billion).These strategic investments are areas of critical to sustainable development and to our shared global stability: health and health security, digital connectivity, gender equality and equity, climate and energy security. He further clarified that this isn’t aid or charity; it’s an investment that will deliver returns for everyone.