Biden wants to mobilize $600 billion to develop infrastructure around the world


The fund is intended for developing countries and must respond to China’s very present ambitions on these issues.

The G7 put on track on Sunday, at the initiative of the United States, a vast investment program for developing countries supposed to respond to the huge projects financed by China, but with still vague contours. “With G7 partners, we aim to mobilize $600 billion by 2027 for global infrastructure investmentsthe White House said shortly before a speech by Mr. Biden unveiling the proposal at the summit of seven industrialized nations in southern Germany. The “Global Infrastructure Partnership(Partnership for Global Infrastructure) must, according to the same source, “provide quality and sustainable infrastructure“.

The G7”is committed to making the world a better deal in infrastructure investment“Said German Chancellor Olaf Scholz, presenting the project alongside the American president. The United States alone promises to “mobilize” some “200 billion dollarsover five years for this program.

But this verb,mobilize“, does not mean that the States will themselves provide these enormous sums. Washington thus arrives at a total of 200 billion dollars by combining loans, public financing – partly already existing – and private financing encouraged by the American executive.

Counter Chinese influence

Westerners want to distance themselves from China, which has invested massively in a number of developing countries, to build infrastructure through the so-calledNew Silk Roadsor to ensure access to certain raw materials. Beijing is nevertheless accused of carrying out its projects through loans that are not very advantageous, even frankly perilous, which would aggravate the debt problems of already vulnerable countries.

The Chinese Offensivehas existed for years and has resulted in many cash payments and many investments“, according to statements by a senior White House official, “but it’s really not too lateabout the G7 initiative. “Many countries that have received funds or investments from the BRI (acronym for the Belt and Road Initiative) program now realize, years later, that they are more indebted, that their GDP has not increased by significantly, that the so-called investments have not reached their populations“, Estimated the same source, who did not wish to be named.

Sub-Saharan Africa will clearly be a major priority“of the partnership launched by the G7, said this senior official of the American executive, but ensuring that Central America, Southeast Asia, or Central Asia were also regions”extremely important“.

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