“Together with G7 partners, we want to mobilize 600 billion dollars for global infrastructure investments by 2027,” it said. The US alone would provide $200 billion in public and private funds, Biden said in the statement. Among other things, investments in the health system and in the digital infrastructure as well as climate and energy are planned. It aims to create sustainable infrastructure “that improves the lives of people around the world, strengthens and diversifies our supply chains, creates new opportunities for American workers and businesses, and advances our national security.”
A US official said on Sunday the US-launched initiative targets low- and middle-income countries. The aim is infrastructure investments “which the countries need without being dictated from outside”. The projects would be bound to high standards “to ensure that these investments are economically and commercially driven and do not result in debt traps.” Countries with funds from the Chinese project found that their debts were growing and that the “so-called investments” were not reaching the people.
300 billion euros from the EU
EU Commission President Ursula von der Leyen announced that “Team Europe” will provide 300 billion euros as a contribution to the G7 investment initiative. This sum of state and private money is planned until 2027, said von der Leyen. The projects would be developed together with the countries. “As democracies, we have to join forces,” she says.
Japan will allocate $65 billion in public and private money to global investments by 2027, according to Prime Minister Fumio Kishida. It is important that the investments are transparent and sustainable, he said. Japan will encourage the construction of airports, ports and railways in the Indo-Pacific.
Italy’s Prime Minister Mario Draghi spoke out in favor of Western countries investing in gas infrastructure in Africa, for example, but also in the expansion of renewable energies. But it is important that the gas infrastructure can then also be used for hydrogen, he said.
Scholz: “The view of the world unites us”
Chancellor Olaf Scholz had already announced at noon that a global offensive in infrastructure investments was planned. It’s about ports, railways, power grids, but also health care, said Scholz. Everyone is concerned about the state of the global economy. He was optimistic that the G7 countries will jointly find answers to the energy crisis resulting from the Russian war of aggression in Russia. “We are united by our view of the world, by our belief in democracy and the rule of law,” he said after initial consultations at the G7 summit.
With a view to the further crises, the Chancellor said that in some countries there were falling growth rates, rising inflation, shortages of raw materials and supply chain disruptions. These are “no small challenges”. “And that’s why we have to share responsibility. But I’m very, very, very confident that we will be able to send out a very clear signal of unity and decisive action from this summit.”