President Joe Biden announced on Monday that the United States will be investing $200 billion over the next five years toward the G7 “Partnership for Global Infrastructure and Investment” fund.
“Today, we officially launch the Partnership for Global Infrastructure and Investment. We collectively have dozens of projects already underway around the globe,” said the President on Monday.
“And I’m proud to announce the United States will mobilize $200 billion in public and private capital over the next five years for that Partnership.”
“Collectively, we aim to mobilize nearly $600 billion from the G7 by 2027,” said Biden, of which America is carrying one-third of the bill.
Biden broke down the four types of infrastructure spending the new partnership will go towards, which included Health infrastructure, Digital infrastructure, Gender infrastructure, and climate and energy infrastructure.
“Gender,” Biden explained. “When women and girls have the ability and the opportunity to participate more fully in those societies and economies, we see positive impacts not only in their communities but around the board — across the board.”
“We have to increase those opportunities, though, for women and girls to thrive, including practical steps to make childcare more accessible and affordable as we continue the vital work to protect and advance women’s fundamental rights,” he said.
Biden continued: “… I want to be clear: This isn’t aid or charity; it’s an investment that will deliver returns for everyone, including the American people and the people of all our nations. It’ll boost all of our economies, and it’s a chance for us to share our positive vision for the future and let communities around the world see themselves — and see for themselves the concrete benefits of partnering with democracies,” he said.
“Because when democracies demonstrate what we can do, all that we have to offer, I have no doubt that we’ll win the competition every time.”
Biden compared the G7 investment strategy with that of China, and urged other nations to side with the G7.
Biden’s statements were made during the G7 leaders meeting in Germany, which will continue until Tuesday.