G7 to launch competitor to China’s ‘One Belt, One Road’ project

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The G7 Global Infrastructure Partnership will implement “groundbreaking projects” in developing countries. The US will send $200 billion to the project; the total investment of the G7 countries will amount to $600 billion by 2027 =”G7 will launch a competitor to China's 'One Belt, One Road' project” />

G7 leaders at the summit at Elmau Castle in Bavaria, Germany

G7 countries (G7, uniting the UK, Germany, Italy, Canada, France, Japan and the US) are launching the Partnership for Global Infrastructure (PGII), the White House said. According to Reuters, it should become a competitor to China's “One Belt, One Road” initiative.

The partnership will implement “groundbreaking projects” that will address infrastructure gaps in developing countries, strengthen the global economy and supply chains, and advance US national security interests. Its launch will be officially announced at the G7 summit, which takes place in the Elmau castle in the south of Bavaria from June 26 to 28.

The White House said the US will allocate $200 billion over the next five years to fund the necessary infrastructure in developing countries as part of the project. Funds are planned to be raised through grants, federal funding and private investment. In total, the G7 countries are expected to contribute $600 billion to the initiative by 2027.

PGII will focus on four priorities:

  • fighting change climate;
  • development of digital infrastructure;
  • promoting gender equality and equity;
  • development and modernization of health systems.

Biden will present several specific projects at the summit along with the leaders of the UK, Japan, Canada and the EU. According to Reuters, French President Emmanuel Macron will not join them, as he previously supported China's One Belt, One Road program. In 2019, Xinhua reported that Macron pledged to help align China's initiative with the EU's Europe-Asia connectivity strategy, and to promote green energy. development of the Belt and Road.

Read on RBC Pro Pro Capitalism failed to build in Russia. What model to replace it? What to Consider Pro Cases Don't Know You Here: How Companies Build a Reputation in a New Country Pro Paleo Diet Instructions. Eat what nature intended to lose weight and improve health Summary Pro What companies need to consider when creating a corporate superapp for employees Instructions in September 2013. The project is aimed at creating new trade routes, transport and economic corridors connecting China with the countries of Central Asia, Europe and Africa. According to China's plans, the world's longest economic corridor will be created, which will cover 4.4 billion people. As of December 2021, 138 countries and 31 international organizations have signed cooperation documents with China. Moscow supports Beijing in the development of the project.

Reuters, citing officials in the White House, writes that Xi Jinping's initiative has brought “little tangible benefits” many developing countries. According to them, within the framework of the project, the main jobs go to employees from China, at the same time, they say, cases of forced labor are growing.

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