The Group of Seven (G-7) nations plan to raise $600 billion over the next five years for a global infrastructure program that will serve as a “positive alternative” to models that sell “debt traps.”
G-7 leaders from the United States, Canada, Germany, Italy, Japan, and the European Union unveiled the Partnership for Global Infrastructure and Investment (PGII) at a summit in Bavaria, Germany, on Sunday.
The White House said that Washington alone would mobilize $200 billion for the PGII “through grants, federal financing, and leveraging private sector investments” by 2027, and “this will only be the beginning.”
“The United States and its G-7 partners will seek to mobilize additional capital from other like-minded partners, multilateral development banks, development finance institutions, sovereign wealth funds, and more,” it said in a statement….