G7 Summit: Biden announced that the Global Infrastructure Partnership will raise $600 billion within five years.

On Sunday (June 26th), US Eastern Time, the Group of Seven (G7) officially launched the Global Infrastructure and Investment Partnership, aiming to raise $600 billion in five years to provide infrastructure development funds for developing countries.

From 26th to 28th of this month, the Group of Seven held a summit in Bavaria, Germany. On the first day of the meeting, Biden announced an initiative called Global Infrastructure Partnership (PGII).

According to a statement posted on the White House website, the goal of the United States is to raise $200 billion for the PGII initiative in the next five years through mobilizing grants, federal financing and private sector investment.

Ursula von der Leyen, President of the European Commission, said that Europe will mobilize 300 billion euros of investment in five years to establish a sustainable development plan.

In addition, the G-7 also promised to provide a Senegalese research institute with $3.3 million in technical assistance to promote the research and development of vaccines in COVID-19.

In addition, the White House said that the United States and its G-7 partners will also seek to raise more funds from other like-minded partners, multilateral development banks, development financial institutions and sovereign wealth funds.

Ursula von der Leyen pointed out that the G-7 will provide "sustainable and high-quality infrastructure" and will "closely listen to the opinions of recipient countries".

Biden revealed that this initiative has launched dozens of projects around the world. According to the information released by the White House, the first batch of PGII projects currently include investing 2 billion US dollars to build solar farms in Angola, 320 million US dollars to build hospitals in C? te d 'Ivoire, and 40 million US dollars to promote energy trade in Southeast Asia.

Want to know more financial news in real time, please pay attention to us.