NewsWorldAt the G7, Washington launches a vast investment program...

At the G7, Washington launches a vast investment program supposed to thwart China – Le Monde

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United States President Joe Biden officially launches the Global Infrastructure Partnership at the G7 summit in Elmau, Germany, Sunday, June 26, 2022. SUSAN WALSH / AP The project is supposed to thwart huge construction sites funded by China in developing countries. On the initiative of the United States, the G7 put on track, Sunday June 26, a vast program of investments intended for these developing countries. “With G7 partners, we aim to mobilize $600 billion [un peu moins de 570 milliards d’euros] by 2027 for global investment in infrastructure,” the White House said shortly before a speech by Joe Biden unveiling this proposal at the summit of the seven industrialized countries (Germany, Canada, United States, France, Italy, Japan , United Kingdom), held in southern Germany. The President of the United States assured that this program was based on “shared values” such as “transparency”, respect for the rights of workers, the environment, gender equality. “We provide better options,” he commented. Read also: Article reserved for our subscribers War in Ukraine: the G7 in search of cohesion and allies against Russia Neither the American president nor the other leaders have mentioned the name of China, but they have made obvious hints. The President of the European Commission, Ursula von der Leyen, thus considered that the partner countries of the West ” [avaient] the choice” – including that of going to the democracies rather than to Beijing – to develop their electricity networks or their medical infrastructures. Westerners want to distance themselves from China, which has invested heavily in many developing countries, to build infrastructure there as part of the so-called “new silk roads” program, or to ensure access to certain materials. raw. 200 billion United States over five years Beijing is nevertheless accused of carrying out its projects by resorting to unfavorable, opaque, even perilous loans, which would aggravate the debt problems of already vulnerable countries. Hence the “transparency” promised, on the contrary, by the G7 countries. The Partnership for Global Infrastructure must “give the world a better deal on infrastructure investment,” said German Chancellor Olaf Scholz. The United States alone promises to “mobilize” some “200 billion dollars” over five years. But “mobilizing” does not mean that the States themselves will provide these considerable sums. Washington arrives at a total of 200 billion dollars by combining loans, public financing – partly already existing – and private financing encouraged by the American executive. With these big numbers still uncertain and these good intentions, can Westerners reverse the trend in the face of China? The United States wants to believe it. Read also: Article reserved for our subscribers “The Xi Jinping era is that of an expansionist China, sure of itself and displaying more and more bluntly its will to dominate” The Chinese offensive “has existed for years and has resulted in many cash payments and many investments,” a senior White House official said on Sunday. “But it’s really not too late,” he said of the G7 initiative. “Many countries that have received funds or investments from the BRI program [acronyme de la dénomination en anglais Belt and Road Initiative] now understand, years later, that they are more indebted, that their GDP has not increased significantly, that the so-called investments have not reached their populations”, estimated the same source, who did not did not wish to be named. “Sub-Saharan Africa will clearly be a major priority [du partenariat lancé par le G7] “, Said this senior official of the American executive, but ensuring that Central America, Southeast Asia, or Central Asia were also “extremely important” regions. Read also: Article reserved for our subscribers China tries to federate the South to “overcome the small clique” of the G7 Le Monde with AFP

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