The G7 group of leading democracies wants to compete with China with a global infrastructure initiative. At their summit in Bavaria on Sunday, the G7 countries formally launched a “Partnership for Global Infrastructure,” as US President Joe Biden said. The project, announced last year, is intended as an alternative to the “New Silk Road” project launched by China in 2013.
“Together, we aim to mobilize nearly $600 billion through the G7 by 2027,” said Biden, the project’s initiator. “And I’m proud to announce that the United States will mobilize $200 billion in public and private capital over the next five years for this partnership.”
Should be “payable to all”
Biden added that it was not about charity. “It’s an investment that will pay off for everyone, including the American people and the people of all our countries, and boost all of our economies.” It is an opportunity for us to share our positive vision for the future.”
Investments, not “debt traps”
A US official said Sunday the initiative would target low- and middle-income countries. The goal is to invest in infrastructure “that the countries need without being dictated from outside”. The projects would be tied to high standards “to ensure that these investments are economically and commercially driven and do not lead to debt traps”. Countries with money from the Chinese project found that their debts were mounting and the “so-called investments” were not reaching the people.
White House communications director for the National Security Council, John Kirby, said on Saturday that China will be “a major focus” at the G7 summit in Bavaria. US Secretary of State Antony Blinken last month presented China as the greatest long-term challenge to international order, despite the acute crisis caused by Russia’s war of aggression against Ukraine.
In addition to Germany and the US, the G7 also includes Canada, Great Britain, France, Italy and Japan. The summit at Schloss Elmau lasts until Tuesday.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
