The G7 announces a $600 billion infrastructure program, particularly for Africa
A G7 meeting at Elmau Castle in Kruen, Germany, June 26, 2022. AP - Markus Schreiber
Text by: RFI Follow
3 mins
The G7 put on track on Sunday June 26 a vast investment program for developing countries.
At the initiative of the United States, this 600 billion dollar program aims to respond to the immense projects financed by China in its "
New Silk Roads
", with sub-Saharan Africa as a "
major priority
", according to a senior US official.
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“
With G7 partners, we aim to mobilize $600 billion by 2027 for global infrastructure investment
,” the White House said shortly before a speech by US President Joe Biden unveiling the proposal at the Seven Summit. industrialized countries in southern Germany.
The American president assured that this program was based on “
shared values
” such as “
transparency
”, but also respect for the rights of workers, the environment, gender equality.
“
We offer better options
,” he said, against the backdrop of peaks in the Bavarian Alps.
Neither the US president nor other leaders mentioned China's name, but they made
obvious allusions to
it .
The President of the European Commission Ursula von der Leyen thus considered that the partner countries of the West "
had the choice
" - alluding to the choice
to go to the democracies rather than to Beijing
- to develop their electricity networks or their medical infrastructures. .
►Also read and listen: "Silk Roads", the underside of the China-Africa relationship
Westerners want to distance themselves from China, which has invested massively in a number of developing countries to build infrastructure through
the so-called “
New Silk Roads
”
program , or to secure access to certain raw materials.
But Beijing is
accused of carrying out its projects through unprofitable
, opaque, even openly perilous loans, which would aggravate the debt problems of already vulnerable countries.
Hence the “
transparency
” promised on the contrary by the G7 countries.
The United States wants to raise 200 billion dollars
The “
Global
Partnership for Infrastructure” must, according to the same source, “
provide quality and sustainable infrastructure
”.
The G7 "
has set itself the ambition of making the world a better offer in terms of investment in infrastructure
", underlined the German Chancellor Olaf Scholz, presenting the project alongside the American President.
The United States alone promises to “
mobilize
” some “
200 billion dollars
” over five years for this program.
But "
mobilizing
" 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 - in part already existing - and private financing encouraged by the US executive.
“
Sub-Saharan Africa will clearly be a major priority
”
Washington hopes to reverse the trend against China.
The Chinese offensive "
has been going on for years and has resulted in a lot of cash and a lot of investment
," a senior White House official said on Sunday, "
but it's really not too late
" for China. initiative of the G7, he assured.
"
Many countries that have received funds or investments from the BRI
(acronym for the English name Belt and Road Initiative - Editor's note) program
now realize, years later,
that they are more indebted than their GDP has progressed
significantly, that the so-called investments have not reached their populations
,” said 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.
This by ensuring that Central America, Southeast Asia, or Central Asia were also “
extremely important
” regions.
(With AFP)
►Also read and listen: "Chinafrique", time for questioning?
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