The U.S. intends to raise $200 billion over five years in private and government funds to fund needed infrastructure in developing countries as part of a G7 initiative aimed at countering China's multibillion-dollar Belt and Road project, the White House said Sunday.
Biden will present several specific projects at a G7 side event along with the leaders of Britain, Germany, Japan, the European Union and Canada, promising to focus on projects that will tackle climate change as well as improve global health, gender equality and digital infrastructure. Notably, French President Emmanuel Macron, who has officially joined China's infrastructure program, will be absent from the meeting, according to Reuters.
Funds will be raised through grants and federal funds as well as by leveraging private sector investment, the White House said, adding that hundreds of billions of additional dollars could come from multilateral development banks, development financial institutions, sovereign wealth funds and other organizations.
China's Belt and Road Initiative, which Chinese President Xi Jinping launched in 2013, includes development and investment initiatives in more than 100 countries, with a range of projects including railroads, ports and highways.