As China’s influence continues to grow over developing nations, the G7 has relaunched its infrastructure funding scheme
Led by U.S President Joe Biden, leaders are pledging to spend a total of $600 billion of both private and public funds by 2027
The fund is largely similar to a the scheme launched at Cornwall just last year, and provides an alternative to the Chinese belt and road initiative.
U.S. President Joe Biden kicked off the G7 leaders summit with a series of meetings with other world leaders during the three day event in the Bavarian Alps, dominating the conversation is the war in Ukraine, and how leaders can try to curb the conflicts effect on the global economy, while ratcheting up pressure against Russia by enjoying the leaders of the world’s wealthiest democracies including Canada, the UK, Germany, France, Italy and Japan.
The meetings come amid tall challenges for Biden domestically and internationally.
At home Biden faces the fallout from the Supreme Court ruling on Friday that eliminated the constitutional right to abortion and soaring inflation that threatens to pull the US into a recession.
Abroad, the war in Ukraine has triggered a looming global food shortage and soaring energy prices. The President discussed his green agenda.
“Today we officially launched the Partnership for global infrastructure and investment. We collectively have dozens of projects already underway around the globe. And I’m proud to announce that the United States will mobilise $200 billion in public and private capital over the next five years for that partnership,”
biden says
Following the G7, the President will head to Spain for NATO’s annual Leaders Summit.
