G7 leaders have plans to raise $ 600 billion in private and public funds over five years to fund infrastructure on developing countries.
The infrastructure plan was initially announced at the G7 2021 summit in Britain dubbed ‘Build Back a Better World’. However, it is now being relaunched with a new title as Partnership for Infrastructure and Global Development.
U.S. President Joe Biden said the plan would benefit everyone allowing countries to see the concrete benefits of working with democracies.
The US has promised to raise $ 200 billion of that amount through grants, federal funds and private investment, while another € 300 billion has been announced by the European Union (EU).
The project will focus on tackling climate change, improving global health, achieving gender equality and building digital infrastructure.
Some of the projects highlighted include a solar -powered project in Angola, a vaccine manufacturing facility in Senegal and a 1,000 -mile submarine telecommunications cable connecting Singapore to Egypt via the Horn of Africa.
The plan is seen as one of China’s efforts to ‘fight’ the Belt and Road which is deemed to burden developing countries with debt by forcing them to hand over key assets if they fail to repay the debt.
