THE G7 officially launched a $600-billion 'Partnership for Global Infrastructure and Investment' for sustainable infrastructure projects, including renewables, in low and mid-income countries.
The initiative seen as a response to China’s so-called Belt and Road Initiative (BRI) was announced by US President Joe Biden and other G7 leaders at their annual gathering held this year at Schloss Elmau in southern Germany.
Accordingly, the US would provide $200 billion over five years to support projects that help tackle climate change as well as improve global health, gender equity and digital infrastructure. Europe on the other hand will offer $317.28 billion over the same period.
"I want to be clear. This isn't aid or charity. It's an investment that will deliver returns for everyone, including the American people and the people of all our nations," Biden said.
Some of the highlighted initiatives include a solar-powered project in Angola, a vaccine manufacturing facility in Senegal, and a 1,609 km submarine telecommunications cable connecting Singapore to France via Egypt and the Horn of Africa.