WhatsNew2Day
Latest News And Breaking Headlines

Biden unveils $200 billion for infrastructure projects around the world to tackle Chinese influence

The White House announced plans on Sunday to spend $200 billion on solar projects in Angola, a submarine telecommunications cable linking the Far East to France via Egypt, and nuclear power production in Romania as part of a massive G7 infrastructure plan that has been completed. designed to compete with China’s massive Belt and Road initiative.

The proposals were unveiled on the first day of the G7 summit in Germany, where world leaders gathered to discuss the global economy and Russia’s war in Ukraine.

In total, the G7 countries will spend $600 billion on the effort over the next five years, officials said.

The White House said its $200 billion in grants and federal funding would help low-income countries meet their economic and national security needs.

“And this will be just the beginning: The United States and its G7 partners will also seek to mobilize hundreds of billions in additional capital from other like-minded partners, multilateral development banks, development finance institutions, sovereign wealth funds and more,” the White House said.

Biden called the idea “Build Back Better World” — after his troubled domestic agenda — when he introduced it at the G7 summit last year.

Now it’s called Partnership for Global Infrastructure.

G7 leaders reveal billions of dollars in financing for infrastructure projects in the developing world as they try to challenge China's growing influence

G7 leaders reveal billions of dollars in financing for infrastructure projects in the developing world as they try to challenge China’s growing influence

Biden's plans include billions of dollars for solar energy projects in the African country of Angola

Biden’s plans include billions of dollars for solar energy projects in the African country of Angola

There is also money to start work on a vaccine factory in Senegal, to be designed to quickly switch production between different vaccines

There is also money to start work on a vaccine factory in Senegal, to be designed to quickly switch production between different vaccines

The White House said it would “mobilize hundreds of billions of dollars and deliver high-quality, sustainable infrastructure that makes a difference in the lives of people around the world, strengthens and diversifies our supply chains, creates new opportunities for American workers and businesses and our national safety.’

A senior government official said the plans would help countries grow, unlike projects funded by China’s Belt and Road Initiative (BRI).

“I think that many countries that have received funding or investments, so-called investments, from the BRI, now, after years of receiving that investment, realize that they are even more in debt, that their GDP has not grown significantly.” , that the so-called investments of BRI have not reached their population,” the official said.

Critics accuse Beijing of a manipulative global strategy by financing major infrastructure projects in developing countries with unsustainable loans.

The debt is then used to influence those governments.

Biden’s plans include $2 billion for solar-powered mini grids, solar cabins with telecommunications capabilities in Angola; a $3.3 million grant to help build a vaccine plant in Senegal; and a $600 million contract for a US telecom company to build a submarine cable to connect Singapore to France via Egypt and the Horn of Africa.

President Biden huddled with France's Emmanuel Macron (r), Canadian Prime Minister Justin Trudeau (background) and European Commission President Ursula von der Leyen after leaders posed for their 'family photo' on the first day of the G7 summit

President Biden huddled with France’s Emmanuel Macron (r), Canadian Prime Minister Justin Trudeau (background) and European Commission President Ursula von der Leyen after leaders posed for their ‘family photo’ on the first day of the G7 summit

There is also money to study the construction of a new type of nuclear reactor in Romania

Biden’s day in the Bavarian Alps began with a meeting with German Chancellor Olaf Sholz and a promise that Vladimir Putin would not divide the G7 or NATO.

“Thank you, thank you… we must stick together,” he told Olaf Scholz as they gazed out at the beautiful mountain views at Schloss Elmau, the grand setting for the summit.

Because from the start, Putin counted on NATO and the G7 to shatter. But we don’t have that and we won’t do that.’

Russia and Ukraine will dominate the summit as G7 leaders assess how well the sanctions are working. They will also discuss the deteriorating economic climate in the world.

The timing of the summit could not be more timely as Ukrainian troops lose ground in the east of the country and missiles fall on the capital Kiev for the first time in three weeks.

Scholz was waiting for Biden at a pavilion with panoramic views of the Alps when Biden arrived on deck.

The two leaders took a moment to take in their surroundings before sitting down to discuss the day’s agenda.

“Don’t jump,” Biden joked to Scholz when he saw him standing on the scenic deck overlooking the mountains in the distance.

He took off his signature aviator sunglasses and shook hands with Scholz and said, “Good to see you.”

President Joe Biden kicked off his first day at the G7 meeting with German Chancellor Olaf Scholz

President Joe Biden kicked off his first day at the G7 meeting with German Chancellor Olaf Scholz

They started by admiring the breathtaking view of the Alps at the Schloss Elmau site for the G7 site in Germany

They started by admiring the beautiful view of the Alps at the Schloss Elmau site for the G7 site in Germany

President Joe Biden and German Chancellor Olaf Scholz stressed they must stick together in Russia's war against Ukraine

President Joe Biden and German Chancellor Olaf Scholz stressed they must stick together in Russia’s war against Ukraine

German Chancellor Olaf Scholz, center, and his wife Britta Ernst, right, pose with U.S. President Joe Biden during the official welcoming ceremony of the G7 summit at Elmau Castle in Kruen

German Chancellor Olaf Scholz, center, and his wife Britta Ernst, right, pose with U.S. President Joe Biden during the official welcoming ceremony of the G7 summit at Elmau Castle in Kruen

“I used to ski too, I haven’t skied in a while,” Biden continued. ‘It is beautiful.’

Then it mattered.

In a statement after the meeting, the White House said the two also discussed climate issues and economic resilience.

Finally, the leaders also discussed China’s challenges and our shared commitment to provide transparent and high-quality solutions to address global gaps in key infrastructure,” it said.

But Ukraine overshadowed much of the day, with Russian forces launching their first attacks on the capital Kiev in weeks.

“It’s more of their barbarity,” Biden said at the official welcoming ceremony for G7 leaders.

Ukrainian Foreign Minister Dmytro Kuleba tweeted a photo of a young girl being carried from the rubble, strapped to a stretcher and assisted by aid workers. Her father was killed and her mother injured, according to local reports.

This 7-year-old Ukrainian boy was sleeping peacefully in Kiev until a Russian cruise missile shot her home. Many more people in Ukraine have gone on strike. The G7 summit must respond with more sanctions against Russia and more heavy weapons for Ukraine. Sick Russian imperialism must be defeated,” Kuleba wrote on Twitter.

Culture Minister Oleksandr Tkachenko told local media that a kindergarten had been hit. Before Sunday’s attack, Kiev hadn’t had any Russian air strikes since June 5.

Kiev mayor Vitali Klitschko told reporters in Kiev he believed the attack “might be a symbolic attack” ahead of this week’s NATO summit in Madrid.

G7 leaders mock Russian President Vladimir Putin as they sat down for their official lunch on Sunday

G7 leaders mock Russian President Vladimir Putin as they sat down for their official lunch on Sunday

Canadian Prime Minister Justin Trudeau mocked the 2009 photo of a shirtless Vladimir Putin riding a horse during his vacation in the mountains of Siberia's Tyva region

Canadian Prime Minister Justin Trudeau mocked the 2009 photo of a shirtless Vladimir Putin riding a horse during his vacation in the mountains of Siberia’s Tyva region

But leaders in Germany openly mocked Putin as they went to lunch and joked about his infamous picture of bare-chested horseback riding.

Their laughter came as Biden worked to keep the Western alliance in line as the war in Ukraine entered its fifth month and Russia dropped bombs on Kiev for the first time in weeks.

‘Jackets on? Jackets off? Shall we take off our clothes?’ British Prime Minister Boris Johnson asked as he sat down at the table with his fellow leaders of the world’s largest economies.

“Let’s wait for the picture,” Canadian Prime Minister Justin Trudeau said. Officials attempted to snap an official photo of lunch with the leaders of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States and the European Union.

“We have to show that we are stronger than Putin,” Johnson said.

Trudeau then added, “We’re going to get the bare-chested horse show.”

He referred to a 2009 photo of a shirtless Putin riding a horse in the mountains of the Siberian region of Tyva during his vacation.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More