G7 plans to invest 600,000 million dollars in a global infrastructure program

The countries of G7 launched a large investment program of 600,000 million dollars for developing countries, designed to respond to the large works financed by Chinaannounced the US president, Joe Biden this Sunday.

“With the partners of the G7we seek to mobilize $600 billion through 2027 for global infrastructure investment,” the White House said shortly before a speech from Bidenin which he unveiled this proposal during the summit of the seven most industrialized countries of the West in southern Germany.

The “World Association for Infrastructures” (Partnership for Global Infrastructure) must, according to the same source, “provide sustainable quality infrastructures”.

The G7 “The ambition was to make a better offer in the world in terms of investment in infrastructures,” underlined German Foreign Minister Olaf Scholz, who presented the project alongside the US president.

USA, promised to “mobilize” about “200,000 million dollars” in five years for that program. But that word, “mobilize”, does not mean that the States will contribute those enormous sums.

Westerners want to distance themselves from Chinawhich invested massively in many countries to build infrastructure through the so-called “New Silk Roads” program, or to guarantee access to certain raw materials.

China it is accused of carrying out projects through unfavorable or frankly dangerous loans, which will aggravate the debt problems of the most vulnerable countries.

The Chinese offensive “has been going on for years and resulted in many investments in kind and multiple investments,” a senior White House official said on Sunday, “but it’s not too late,” he assured of the G7 initiative.

“Sub-Saharan Africa will clearly be a higher priority” of the partnership launched by the G7added the senior US official.

He also assured that Central America, Southeast Asia or Central Asia are also “very important regions.”

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