G7 leaders has planned to raise $600 billion over 5 years in private and public fund to finance needed infrastructure of developing countries and china’s older, multitrillion-dollor belt and road project on Sunday in the name of “partnerships for global infrastructure and investment”. It was renamed and newly relaunched by G7 leaders.
Biden said that united state would provide $ 200 billion to support the project to help tackle the climate changes as well the improve global health, gender equity and digital infrastructure in developing countries. He also said hundreds of billion dollars could come from multilateral development banks, development financial institution, sovereign wealth funds and other. Europe will mobilize 300 billion euros to initiative the project.
G7 countries on average provide only 0.32% of their gross national income, less than half of 0.7% promised, in development assistance. Biden also said that this funds are not aid or charity, this investment will deliver for everyone.
G7 leaders aimmed to help the developing countries to tackle the global shock like pandemic etc.,.