President Biden said the the United States will pledge $200 billion to infrastructure investment programs that will counter China’s Belt and Road Initiative.
and other Group of Seven leaders on Sunday at their annual gathering being held this year at Schloss Elmau in Southern Germany.
The U.S.’ $200 billion portion will come from grants, federal funds, and private investment over that time period to support projects are intended to tackle climate change, improve global health, gender equity and digital infrastructure.Biden went at lengths to insist the money was not "aid or charity."
Western officials have long argued that the initiative traps receiving countries in debt with investments that benefit China more than the hosts. The White House says the initiative seeks to leverage $200 billion in U.S. investment over the next five years, along with a similar amount from G-7 allies, to boost infrastructure development in lower- and middle-income nations.