The astounding figure represents a third of the total amount all seven countries at the summit pledged to invest, highlighting the often disproportionate funding that comes from the United States towards global initiatives.
President Joe Biden relaunched his rebranded global infrastructure initiative meant to counter China’s influence. He said the funding would help the world prepare for the future by investing in sustainable projects, according to The Hill.
“We’re offering better options for countries and/or people around the world to invest in critical infrastructure that improves … their lives, all of our lives, and delivers real gains for all of our people,” he said from the summit in Germany.
Biden said the G7 countries would collectively contribute $600 billion for the initiative by 2027.
The plan is a rebranding of his “Build Back Better World” initiative which he unveiled at least year’s summit. It was renamed the Partnership for Global Infrastructure and Advancement to avoid connotation with Biden’s stalled Build Back Better domestic agenda.
Touting some of the projects already being funded by the initiative, Biden cited a new plant that was built in Senegal to produce vaccines for COVID-19 and other diseases.
While China was not explicitly mentioned during the initiative’s announcement, it is seen as a direct response and counter to China’s Belt and Road Initiative, which was launched nearly a decade ago and invests in infrastructure development in dozens of countries.