"I want to be clear - the G7's announcement of a new global infrastructure partnership isn't aid or charity," United States President Joe Biden tweeted. "It's an investment that will deliver returns for everyone - including the American people - and boost all of our economies," he also wrote.
On Sunday, the Group of Seven announced the Partnership for Global Infrastructure and Investment (PGII), a plan that was reportedly devised to rival China's Belt and Road Initiative. G7 countries will invest nearly $600 billion in developing and middle-income countries over the next five years, with the US providing one-third of the total figure. The G7 will be investing in "health and health security, digital connectivity, gender equality and equity, climate and energy security," Biden said on Sunday.
Last year, the alliance of Western countries first agreed to launch such an initiative, called Build Back Better World (B3W) at the time.
