Biden: US to Pump $200 Billion to Reduce Gap with Developing Countries

US President Joe Biden has stated that Washington will pump $200 billion to reduce the gap with developing countries.

This came during a press conference held on the sidelines of the G7 summit in the Spanish capital, Madrid.

The US president said during a press conference that the G7 leaders will make decisions that will have a huge impact on the course of the world for generations to come.

The White House said, on Sunday, that the United States aims to collect $200 billion in private and public funds over five years to finance the required infrastructure in developing countries within the framework of the G7 initiative aimed at confronting the billion-dollar Belt and Road project.

Growing concerned about China, G7 leaders first put forward plans for the project last year, now officially releasing them under a new title, "Partnership for Global Infrastructure and Investment" while dropping the moniker "Build back a Better World" first coined by Biden during his presidential campaign.

Biden will unveil several identified projects at a G7 side event, joined by leaders from Britain, Germany, Japan, the European Union, and Canada, and pledge to focus on projects that help tackle climate change as well as improve global health, gender equality and digital. Infrastructure. It is worth noting that French President Emmanuel Macron has officially joined the Chinese infrastructure program.

The White House indicated that the funds will be raised through grants and federal funds, and by tapping into private sector investments, adding that hundreds of billions of additional dollars could come from multilateral development banks, development finance institutions, sovereign wealth funds, and others.