B3W 2.0: The $600 Billion “Partnership for Global Infrastructure and Investment”

US President Joe Biden speaks next to Japanese Prime Minister Fumio Kishida and Canadian Prime Minister Justin Trudeau during the first day of the G7 leaders' summit held at Elmau Castle, southern Germany on June 26, 2022. JONATHAN ERNST / POOL / AFP

G7 leaders unveiled their latest effort to challenge China’s Belt and Road Initiative with the announcement of the “Partnership for Global Infrastructure and Investment (PGII).” The new plan was revealed on Sunday at the leaders’ summit in Germany and included pledges to raise $600 billion in private and public funds over the next five years.

The U.S. said it would contribute a third of the financing but did not specify how much would come from the government and what would be raised from the private sector.

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by Eric Olander

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