G7 Countries Launch $600 Billion Infrastructure Plan, To Rival China's BRI
G7 nations have launched Partnership for Global Infrastructure and Investment (PGII) with an aim to mobilize $600 billion by 2027 in global infrastructure investments.
G7 leaders have launched a $600 billion infrastructure plan to fund projects in developing countries over the next five years.
Under the Partnership for Global Infrastructure and Investment (PGII), the G7 group aims to mobilize $600 billion by 2027 in global infrastructure investments.
For PGII launched by G7, the US would contribute $200 billion to tackling the climate crisis, information and communications technology (ICT) networks, gender equality and upgrading the infrastructure of health systems as the priority areas.
"This will only be the beginning. The United States and its G7 partners will seek to mobilize additional capital from other like-minded partners, multilateral development banks, development finance institutions, sovereign wealth funds, and more," the White House said in a release.
At the 2021 G7 Summit, President Biden and G7 leaders announced their intent to develop an infrastructure partnership to meet the enormous infrastructure needs of low- and middle-income countries.
The Group of Seven (G7) is an informal forum of seven leading industrial nations and democracies, Germany, Canada, France, Italy, Japan, the United Kingdom and the United States of America, and the European Union.
Germany took over the G7 Presidency on 1 January 2022, and the G7 Summit 2022 is taking place from 26 to 28 June at Schloss Elmau in the Bavarian Alps.
The new infrastructure plan by G7 is seen as a recognition of the growing challenge mounted by Beijing's Belt and Road Initiative, a mammoth infrastructure project, with the most ambitious being the China-Pakistan Economic Corridor (CPEC), linking China's Xinjiang province with the Arabian Sea.
More than 100 countries have signed agreements with China to cooperate in BRI projects like railways, ports, highways and other infrastructure. Many BRI projects have led to debt restructurings, so it has faced strong domestic opposition in various countries. China has faced accusations of operating as a predatory lender.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.