G7 Pledges US$600b for BRI Challenge
(5 July 2022 – Germany) Group of Seven (G7) leaders pledged to raise US$600 billion in private and public funds by 2027 to finance infrastructure in developing countries and counter China's established Belt and Road Initiative (BRI).
G7 leaders and United States (US) President Joe Biden launched the newly renamed "Partnership for Global Infrastructure and Investment” with several major projects, including a US$2 billion solar development project in Angola.
The US will assemble US$200 billion in grants, federal funds and private investment over five years to support projects in emerging markets focused on sustainability, health, gender equity and digital infrastructure.
"I want to be clear. This isn't aid or charity. It's an investment that will deliver returns for everyone. It will allow countries to see the concrete benefits of partnering with democracies” Biden stated.
Chinese foreign ministry spokesman Zhao Lijian defended the track record of BRI when asked for comment.
“China continues to welcome all initiatives to promote global infrastructure development," Zhao commented on the G7's $600 billion infrastructure plan.
"We believe that there is no question that various related initiatives will replace each other. We are opposed to pushing forward geopolitical calculations under the pretext of infrastructure construction or smearing the Belt and Road Initiative.”
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