President Biden has taken a page from China’s playbook by relaunching a global infrastructure initiative.
Consequently, the U.S. plans to spend $200 billion in public and private financing to boost projects in developing and middle-income countries.
The President argued that creating a path for the future by investing in sustainable projects that are “grounded in our shared values,” is the practical thing to do at this time.
“It’s built using the global best practices — transparency, partnership, protections for labor and the environment,” Biden said in a speech from the G-7 summit in Germany on Sunday.
“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 continued.
In addition to U.S. commitments, Biden said the G-7 countries collectively would aim to mobilize $600 billion for the partnership by 2027.
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Edited by Jesus Chan
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