US President Joe Biden (Joe Biden) It announced a $ 600 billion project at the G-7 meeting on Sunday. Biden’s announcement at the G7 is believed to be a blow to China’s Belt and Road initiative. The 600 600 billion will be raised for global infrastructure programs in poor countries. Let us know that this project is China (China) How will the Belt and Road Initiative compete?
What happened in G7?
US President Joe Byrd re-launched the “Partnership for Global Infrastructure and Investment” during the G7 Summit in Schloss Elmau, Germany. The U.S. will raise $ 200 billion in federal funds and private investment, Byrd said. Which will be used in low- and middle-income countries to tackle climate change, improve global health and digital infrastructure.
This is not help or charity, Byrd said. This is an investment that will pay off for everyone. This will also benefit partnerships with democracies. Biden said billions of dollars in additional aid could come from development banks, financial institutions, asset funds and elsewhere.
European Commission President Ursula von der Leyen said Europe would raise 300 billion euros to make China’s Belt and Road Initiative a sustainable alternative to the plan. The Belt and Road Initiative was launched in 2013 by Chinese President Xi Jinping.
Apart from this the leaders of Italy, Canada and Japan also spoke about their plans. Some of which have been announced separately. French President Emmanuel Macron and British Prime Minister Boris Johnson were not present. However representatives of his country attended.
Member countries have not benefited from China’s plan
China has invested in more than 100 countries with the aim of developing a modern version of the ancient Silk Road trade route from Asia to Europe through its investment plan. According to the White House, developing countries have benefited little from China’s plan.
Byrd was also briefed on several major projects. These include a $ 2 billion solar development project in Angola with the support of the Department of Commerce, US Export-Import Bank, US firm Africa Global Schaefer and US project developer Sun Africa.
How will the G7 compete with China?
According to the US, 20 600 billion is proposed to be raised by 2027 under the Global Infrastructure Plan. According to the US, the countries involved in the project will be able to deal with the companies themselves. So China is accused of controlling the politics and financial system of the countries involved in the BRI project. In such a situation, such countries will now have a new option to avoid China’s conspiracy.
The Global Infrastructure Partnership was discussed at the G-7 meeting last year. The project will develop basic infrastructure such as roads and ports in China-dependent countries. On the other hand, through the BRI project, China is badly trapped in the debt trap of all countries.
How will India benefit?
The G-7 is a group of countries with 7 of the world’s largest developed and advanced economies. These include the US, Canada, France, Germany, Italy, Japan and the UK. India is not a member country. However, India has been consistently invited to the G-7. It is believed that the G-7 countries realize that India’s support is needed to meet global challenges. India is also expected to benefit from the new G-7 project. In fact, China has trapped India’s neighbors in debt. Sri Lanka, Nepal and Pakistan are prime examples. China controls the political and financial systems of these countries under the pretext of debt.
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