ISLAMABAD, June 27 (Alliance News): US President Joe Biden has announced the G7 project in competition with China’s Belt and Road Initiative (BRI), which will raise about ً 600 billion for the global infrastructure program in poor countries.
Shortly before the unveiling of Joe Biden’s proposal, the White House said that together with the G7 partners, we would invest ارب 600 billion in global infrastructure investment by 2027, according to foreign media report.
Biden said that in contrast to the Chinese blueprint, the United States and other G7 governments would provide only limited funding, relying on state-controlled funds and companies, while encouraging the private sector to invest heavily.
The White House said that from now until 2027, the US government will benefit from grants, federal financing and private sector investment to raise 600 billion.
He said it would be just the beginning, adding that the United States and its G7 partners would seek to raise other like-minded partners, multilateral development banks, development financial institutions, sovereign funds and hundreds of billions of additional capital.
In a meeting ahead of the G7 summit in the German Alps, Biden praised the leadership of German Chancellor Olaf Schulz in the context of Russia’s war against Ukraine and called on Western nations to remain united.
“We have to stay together,” he told the German chancellor. “Russian President Vladimir Putin is hoping that somehow NATO and the G7 will break up, but we will not separate.”
Also read: How dangerous could the Ukraine crisis be for Russia and Europe?
Biden met his German host at the charming Elmo Castle, where the Group of Seven was hosting a three-day summit on the crisis in Britain, Canada, France, Germany, Italy, Japan and the United States, Ukraine.
Biden told Olaf Schulz that I would like to commend you for what you have done since becoming Chancellor and for the way you have made a huge impact on the rest of Europe, especially Ukraine.
A senior US official said Sunday’s talks were a good opportunity to reaffirm the deep and lasting ties between the two countries, with Russia and Ukraine expected to be at the top of the agenda. On the political and diplomatic fronts, we have been in constant harmony.
As the leaders of the Group of 7 richest countries met in the Bavarian Alps, their focus was on how to continue supporting Ukraine against Russian aggression.
British Prime Minister Boris Johnson has said that a joint operation by Britain, Canada, Japan and the United States, a US embargo on Russian gold exports would directly target the Russian elite, prompting President Putin to resign. The war will have a direct impact.
The UK said that given London’s central role in the international gold trade and the parallel US, Japanese and Canadian action, the move would have global reach, pushing commodities out of formal international markets.
Gold worth .6 12.6 billion was a major export for the Russian economy in 2021.
The G7 is expected to review how the extraordinary sanctions imposed on Moscow have worked so far, discussing further financial and military aid to Ukraine, as well as rebuilding the war-torn country. Will be considered