Wednesday, August 10, 2022

US aims to raise $200 billion as part of G7 rival to China’s Belt and Road – Nation World News

WASHINGTON: The United States aims to pump in private and public money to fund essential infrastructure in developing countries under the G7 initiative aimed at countering China’s multitrillion-dollar Belt and Road project, the White House said on Sunday. $200 billion to be raised.
US President Joe Biden will unveil the plans at his annual gathering to be held in Schloss Elmau in southern Germany this year, along with another group of seven leaders, some of whom have already unveiled their own separate initiatives.
More concerned about China, G7 leaders first laid out plans for the project last year, and are formally launching it now under a new title, “Partnership for Global Infrastructure and Investment” while Biden for the first time. Dropped the moniker “Build Back Better World” coined by. His presidential campaign.
Biden will unveil a number of exclusive projects at the G7 side event, which will include leaders from the UK, Germany, Japan, the European Union and Canada, focusing on projects that help combat climate change, as well as global health, gender Will help improve equity and digital infrastructure. , Notably absent would be French President Emmanuel Macron who formally attended the Chinese infrastructure programme.
“The president is not thinking that we need to spend dollar for dollar versus China…,” a senior US official told reporters.
The White House said the money would be raised through grants and federal funds, and by leveraging private sector investment, hundreds of billions of additional dollars could come from multilateral development banks, development finance institutions, sovereign wealth funds and others.
China’s Belt and Road Initiative (BRI) plan, which was launched by Chinese President Xi Jinping in 2013, includes development and investment initiatives in more than 100 countries, with a range of projects including railways, ports and highways.
White House officials say Xi’s plan to build a modern version of the ancient Silk Road trade route has provided little tangible benefit for many developing countries, with top jobs going to Chinese workers, while forced labor and child labor Labor rates have increased.
Biden will highlight a number of key projects, including a $2 billion solar development project in Angola with support from the Commerce Department, the US Export-Import Bank, US firm AfricaGlobal Schaefer and US project developer Sun Africa.
Along with G7 members and the European Union, Washington will also provide $3.3 million in technical assistance to the Institut Pasteur de Dakar in Senegal as it develops an industrial-scale flexible multi-vaccine manufacturing facility in the country that will ultimately help in the development of COVID-19 and other vaccines. can produce. ,
The US Agency for International Development (USAID) will also commit up to $50 million over five years to the World Bank’s new Global Childcare Promotion Fund, which aims to bridge the gap in appropriate childcare infrastructure.

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Nation World News Desk
Nation World News Desk
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