On Sunday 26 June, in Elmau, Germany, the leaders of the G7 (Canada, France, Germany, Italy, Japan, the United Kingdom, the US and the EU) announced the launch of the Partnership for Global Infrastructure and Investment.
This project aims to mobilise $600 billion by 2027 for developing countries, according to US President Joe Biden, who announced the initiative at the G7 meeting in Bavaria. “The Partnership for Global Infrastructure and Investment will mobilise strategic investments in areas vital to sustainable development and our shared global security: health and health security, digital connectivity, gender equality and equity, climate and energy security”, said Joe Biden.
The G7 leaders hope to overshadow other powers investing heavily in the world, sometimes unfairly, such as China.
In December 2021, the EU had already launched its own Global Gateway initiative to counter the Chinese ‘New Silk Road’ (see EUROPE 12844/7). The new Partnership for Global Infrastructure is largely consistent with the objectives of the Global Gateway. “We rally our partners around high standards in human, social, and workers’ rights”, said European Council President Charles Michel in Elmau. (Original version in French by Léa Marchal)