Russia war in Ukraine, China's growing global influence top Biden agenda on major Europe visit
Added 06-26-22 07:03:01pm EST - “President Biden sought Sunday to rally America's major allies to stay unified against Russia's war in Ukraine while also announcing a new global infrastructure investment partnership among several of the world's largest U.S.-aligned…” - Washingtontimes.com
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President Biden sought Sunday to rally America’s major allies to stay unified against Russia’s war in Ukraine while also announcing a new global infrastructure investment partnership among several of the world’s largest U.S.-aligned economies to counter China’s rising influence over Africa, Asia and Latin America.
The infrastructure investment partnership, which has already drawn criticism for being a rehash of past initiatives that have struggled to gain global traction, was the centerpiece of opening meetings of the annual Group of Seven (G-7) leaders summit occurring this week in Germany.
Mr. Biden, who appeared Sunday in the Bavarian Alps alongside German, French, British, Canadian, Italian and Japanese counterparts, said the investment partnership will “mobilize” $600 billion in “public and private capital” from the G-7 countries for projects that will show developing nations around the world “the concrete benefits of partnering with democracies.”
The dollar figure is higher than anything previously announced by Western powers to counter the hundreds of billions China has doled out in infrastructure loans globally over the past decade.
Still, Sunday’s announcement risked being overshadowed by the more immediate crisis stemming from Russia’s ongoing war in Ukraine.
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