US President Joe Biden has announced plans to raise US$600 billion for the G7 global infrastructure programme to counter the Belt and Road Initiative, China's plan to grow global trade. Biden revealed the plan on June 27, 2022, as he attended the first of a three-day Group of Seven meeting in Elmau, Germany, alongside his six counterparts from the world’s most developed economies. The US would mobilise US$200 billion for the initiative over the next five years through grants, federal financing, and leveraging private sector investments. The overall investment, including funds from G7 partners and private capital, aims to hit $600 billion by 2027. Clean energy, secure communications technology and health systems are among the focus areas for the plan that is now called the Partnership for Global Infrastructure and Investment (PGII).
Video source: AP
