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US and G7 want to counter China in emerging countries by allocating $ 600 billion for infrastructure investment

On Sunday, at the initiative of the United States, the leaders of the states of the Group of the seven most powerful economies (G7) discussed a vast investment program aimed at emerging countries, in order to provide a counterweight to the huge China-financed construction sites. The program, worth 600 billion dollars, still has vague outlines, reports AFP, taken over by Agerpres.

“Together with G7 partners, we plan to mobilize $ 600 billion by 2027 for global infrastructure investment,” the White House announced shortly before a speech by Joe Biden, who was to announce the proposal. at the ongoing G7 summit in Bavaria.

According to the White House, the “Partnership for Global Infrastructure” is to “provide quality and sustainable infrastructure.”

German Chancellor Olaf Scholz presented the project with US President Joe Biden and said that the G7 “set itself the ambition of making the world the best offer in terms of infrastructure investment”.

The United States promises to “mobilize” about “$ 200 billion” over the next five years.

But “mobilizing” does not mean that the US will pay these huge sums themselves, notes AFP. Washington reaches a total of $ 200 billion by combining loans, public funding – some of which already exists – and private funding, encouraged by the US executive.

Western countries want to set themselves apart from China, which has invested heavily in many emerging countries to build infrastructure under the so-called “New Silk Roads” program and to secure access to certain raw materials.

Beijing is accused, however, of carrying out its projects with unprofitable, even dangerous, loans that aggravate the debt problems of already vulnerable states, and that the promised investments have not yet reached the people of these countries.

“Sub-Saharan Africa will clearly be a top priority” of the G7 partnership, a senior White House official said on Sunday, assuring that Central America, Southeast Asia and Central Asia are also “extremely” of important ”.

Photo: Profimedia Images

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Source From: Libertatea

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