On the first day of the summit, the G7 also made it clear that they wanted to jointly invest in global infrastructure. Together with US President Biden, Chancellor Scholz presented the partnership for global infrastructure and investments . “The G7 want to make the world a better place with better infrastructure,” said the Chancellor Olaf Scholz .The G7 infrastructure initiative builds on strong regional initiatives such as the EU Global Gateway Initiative and the work of all G7 members – another example of the close cooperation between the G7 countries.
The G7 wants to make the world a better offer on infrastructure investment. Today, we are re-launching our joint work as “Partnership for Global Infrastructure and Investment" – @Bundeskanzler at a side event of the G7 Summit. #G7GER pic.twitter.com/PqTEOdsRfI
— G7 GER (@G7) June 26, 2022
G 7 leaders on Sunday pledged to raise $600 billion in private and public funds over five years to finance needed infrastructure in developing countries and counter China’s older, multitrillion-dollar Belt and Road project.
U.S. President Joe Biden and other G7 leaders relaunched the newly renamed “Partnership for Global Infrastructure and Investment,” at their annual gathering being held this year at Schloss Elmau in Southern Germany.
Joe Biden said the United States would mobilize $200 billion in grants, federal funds and private investment over five years to support projects in low- and middle-income countries that help tackle climate change as well as improve global health, gender equity and digital infrastructure.
Tune in as I deliver remarks with other G7 Leaders to formally launch our Partnership for Global Infrastructure and Investment – an effort that is critical to our economic and national security. https://t.co/I5YzaCRJbU
— President Biden (@POTUS) June 26, 2022
“I want to be clear. This isn’t aid or charity. It’s an investment that will deliver returns for everyone,” Biden said, adding that it would allow countries to “see the concrete benefits of partnering with democracies
Europe will mobilize 300 billion euros for the initiative over the same period to build up a sustainable alternative to China’s Belt and Road Initiative scheme, which Chinese President Xi Jinping launched in 2013, European Commission President Ursula von der Leyen said.
“It is up to us to give a positive and powerful investment impulse to the world to show our partners in the developing world that they have a choice and that we intend to step up in solidarity to meet their development needs,” von der Leyen said at a news conference alongside the leaders of Germany, Italy, Canada, the United States and Japan.