Berlin, 27 June 2022 (TDI): The Group of Seven democratic economies, the G7 bloc, launched the partnership for Global Infrastructure and Investment.
This funding aims to mobilize $600 billion by 2027 to develop critical infrastructure to improve the lives and livelihoods of the people. In addition, it also aims to minimize China’s influence in the developing world.
Today, the nations of the G7 launched the Partnership for Global Infrastructure and Investment.
Collectively, we aim to mobilize nearly $600 billion from the G7 by 2027 to invest in critical infrastructure that improves lives and delivers real gains for all of our people.
— President Biden (@POTUS) June 26, 2022
President of the United States (US), Joe Biden, delivered these remarks at the formal launch of the Global Infrastructure Partnership.
He stated that the partnership initiative is not charity rather it is an investment to boost the collective economy.
I want to be clear – the G7’s announcement of a new global infrastructure partnership isn’t aid or charity. It’s an investment that will deliver returns for everyone – including the American people – and boost all of our economies.
— President Biden (@POTUS) June 26, 2022
Investment for Sustainable development
Furthermore, the US President also emphasized partnership for improving global infrastructure. In addition, he encouraged the partners to mobilize strategic investments in vital areas.
These are areas of sustainable development, including global health and security, gender equality, equity, climate change, energy security, and digital connectivity.
Mini Projects for Development
Meanwhile, the Economic bloc announced several mini-projects to boost energy efficiency and connectivity worldwide. These projects enlist solar-powered mini-grids, solar cabins with telecommunication capabilities, and home power kits.
Further, United States Agency for International Development (USAID) aims to invest $40 million in Southeast Asia’s Smart Power Program. This program seeks to decarbonize power systems by promoting energy trade and clean energy technologies.
Also, $1.3 million has been set to help Angola meet its climate commitments by generating 70 percent carbon-free power by 2025.
According to the schedule, the G7 will mobilize $320 million for healthcare facilities on the Ivory Coast in West Africa and $2 billion for solar farms. Another $40 million will promote regional energy trade in Southeast Asia.
G7 leaders
Along with the US, the G7 member states implied strengthening and diversifying global supply chains by creating new opportunities for businesses and workers.
In addition, the G7 partners seek to mobilize additional capital from like-minded multilateral development banks, development and financial institutions, and sovereign wealth funds.
Meanwhile, the Prime Minister of Canada, Justin Trudeau, highlighted Canada’s expertise in grain storage and agricultural practices. He stated that Canada would continue to work with the partners to support Ukraine and address food security challenges.
Also, he emphasized restoring production in Ukraine to feed people worldwide. In extension, he announced agricultural solutions such as grain storage united to increase grain storage capacity in Ukraine.
News from #G7GER: To help Ukrainian farmers restore production so they can both feed people and export crops, and to help Ukraine increase its grain storage capacity, we’ve just announced funding for agricultural solutions – including grain storage units.
— Justin Trudeau (@JustinTrudeau) June 26, 2022
Making the World a Better offer on Infrastructure Investment
In the meantime, the Federal Chancellor of the Federal Republic of Germany, Bundeskanzler Olaf Scholz, stated that the G7 aims to make the world a better offer on infrastructure investment.
He was delivering remarks at a side event at the G7 summit. In addition, he highlighted that G7 are united in their belief in democracy and the rule of law.
He commended their commitment to secure architecture to ensure peace worldwide. While discussing the concerns about the recent crises of global inflation, falling growth, and supply chain shortages, the Chancellor emphasized sharing the responsibility.
All #G7 countries are concerned about the current crises: falling growth, rising inflation, shortages of raw materials and faltering supply chains. These are no small challenges, so we must share responsibility. @G7 is the right forum for this. #G7GER
— Bundeskanzler Olaf Scholz (@Bundeskanzler) June 26, 2022
While highlighting the core goals of the summit, the President of France, Emmanuel Macron, said that acting in the face of the war in Ukraine has its consequences.
Sanctions on Russia
Meanwhile, the US has also imposed unprecedented sanctions on Russia to repulse the war against Ukraine. Also, the G7 announced a ban on the imports of Russian gold. This ban would lead to a significant blow on the economy of Russia.
