G7 Infrastructure Project gets $200 billion boost from US

G7 Infrastructure

In an ambitious farsighted vision, the United States of America is committing a massive $200 billion to the G7 infrastructure project aimed to address the Belt and Road initiative of the Chinese Government.

The G7 summit held on 26th June at Bavaria’s Schloss Elmau castle, near Garmisch-Partenkirchen, Germany, was attended by the leaders from seven different countries including United Kingdom, Japan, Germany, Italy, France, Canada and The United States of America.

The annual gathering held on Sunday witnessed the relaunch of the “Partnership for Global Infrastructure and Investment” project. Spread over the next five years, the G7 leaders pledged to organize $600 billion through public and private funds to finance the required infrastructure in most of the developing countries.

The notable contribution of $200 billion committed by the United States will be gathered from several private investments, federal funds and grants to aid the projects aimed in countering climate change, gender equality, global health improvement and setting up of the digital infrastructure.

The US president Joe Biden said, “It’s an investment that will deliver returns for everyone, it will allow countries to see the concrete benefits of partnering with democracies.”