G7 launches alternative to Chinese New Silk Road | News

The infrastructure plan comes from the American box and was already announced last year, but only officially launched on Sunday on the first day of a three-day G7 summit in the Bavarian Alps. The G7 countries will release $600 billion for it from now until 2027, the White House announces. That money will go toward global investments in infrastructure “that improves the lives of people around the world, strengthens and diversifies our supply chains, creates new opportunities for American workers and entrepreneurs, and advances our national security,” said US President Joe Biden.

According to a US official, the initiative is aimed primarily at low- and middle-income countries that need critical infrastructure investments “without being dictated from the outside.” The aim is to ensure that the benefits of the investments reach the people and not lead to debt traps, he said in a sneer at China’s New Silk Road. Beijing has invested billions of dollars in recent years in many African countries, among others, but is creating a relationship based on debt and dependence.

In addition to the Russian invasion of Ukraine, China is an important item on the agenda of the G7 summit in Bavaria. Last month, US Secretary of State Antony Blinken called the country the biggest challenge to the international order in the long term. In addition to the United States, the United Kingdom, France, Germany, Italy, Canada and Japan are also members of the G7. The EU is also at the table. The summit in Schloss Elmau, more than 100 kilometers from the city of Munich, will last until Tuesday.

Trudeau and Johnson Joke About Putin at G7

Thousands of NATO opponents protest in Madrid