Even if it means investing, you might as well go frankly.

Under the impetus of the United States, the G7, meeting this Sunday in Germany, has put on track a vast investment program for developing countries.

“We aim to mobilize $600 billion by 2027 for global infrastructure investment,” the White House said shortly before a speech by Joe Biden.

This "Global Partnership for Infrastructure" must, according to the same source, "provide quality and sustainable infrastructure".

The United States alone promises to “mobilize” some “200 billion dollars” over five years for this program.

But this verb, “to mobilize”, 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 – partly already existing – and private financing encouraged by the American executive.

A response to China

Why such a massive plan?

Westerners want to distance themselves from China, which has invested massively in a number of developing countries, to build infrastructure through the “New Silk Roads” program, or to ensure access to certain raw materials.

Beijing is nevertheless accused of carrying out its projects through loans that are not very advantageous, even frankly perilous, which would aggravate the debt problems of already vulnerable countries.

The Chinese offensive "has been going on for years and has resulted in lots of cash and lots of investments," a senior White House official said on Sunday, "but it's really not too late." he assured about the G7 initiative.

"Many countries that have received funds or investments from the BRI (acronym for the English name Belt and Road Initiative) program now realize, years later, that they are more indebted, that their GDP has not increased 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, but assuring that Central America, South-East Asia, or Central Asia were also "extremely important" regions.

War in Ukraine LIVE: Moscow calls the bombing of a building in kyiv “fake” and claims to have hit a factory…

World

G7 Summit: Arrival of Joe Biden in Germany to discuss Ukraine, China and inflation with his allies

  • World

  • G7

  • joe biden

  • Development

  • China