Joe Biden pledged $200 Billion in funding to build infrastructure in “medium and low-income nations.” The money would be spent over five years. Biden alleges that part of the money would come from private sector investments. The rest, he says, would come from federal funds. In other words, the American taxpayers.
The $200 Billion is America’s contribution to a $600 billion plan by the G7. Japan, Canada, Britain, France, Germany, and Italy will allegedly provide another $400 Billion. It is called the Partnership for Global Infrastructure and Investment [PGII].
The $600 Billion is being promoted as a way to “counter growing Chinese influence” around the world. Among other things, it is meant to upstage the Chinese Belt and Road Initiative [BRI] that China launched in 2013. China has aggressively built industries in central Asia, Africa, and South America.
Among other things, Joe Biden says the money will fund “gender equality and equity.” The money will also be used to secure access to raw materials in Africa that are needed to build electric cars.
The G7 also pledged another $29.5 billion in financial aid to Ukraine, on the heels of $24 billion pledged last April. The money is to pay salaries for Ukrainian government workers and basic services.