G7 officials announced more investments in the Asia-Pacific region to contain China. Puerto Bolivar appears on the project map.
European Commission President Ursula von der Leyen and US President Joe Biden announced new investments in the Asia-Pacific. The initiative is part of a mechanism created by the G7 to counter China.
The announcement was made on Saturday, May 20, 2023. Von der Leyen informed that the European Union will provide a USD 4 billion line of credit for infrastructure projects in low- and middle-income countries in the Asia-Pacific region.
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“At the G7, we want to be part of the solution to closing the infrastructure investment gap. We want to put better deals on the table. If what exists is a competition, we want to lead,” said Vaughn. der Leyen said at an event on the sidelines of the G7 summit in Hiroshima.
America will invest in Puerto Bolivar
On his part, Biden announced investments in different parts of the world. These funds will come from both the public exchequer and the private sector.
The President did not offer total investment from the United States. But, he gave several examples of projects that his country is running.
For example, the President mentioned an investment in Ecuador that was officially announced two weeks ago. aim to help Modernize Puerto BolivarLocated in the southeast of the country and near the country’s areas devoted to agriculture.
The event at which von der Leyen and Biden spoke was intended to show the G7’s commitment to its grand infrastructure plan. The initiative was presented by the G7 at its summit in Germany last year.
Through this plan, the G7 commits to raise USD 600 billion over five years to counter the Chinese mega-project “One Belt, One Road” launched by Chinese President Xi Jinping in 2013.
To date, the United States has raised $30 billion for infrastructure projects through public grants and private sector investment, according to the White House.