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The G7 will mobilise 600,000 millions dollars to fund global infrastructure

G7 countries have pledged not to allow third parties to control world trade routes.

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The G7 will mobilise 600,000 millions dollars to fund global infrastructure

G7 countries have pledged not to allow third parties to control world trade routes. According to a statement by the US delegation, President Joe Biden, the summit in Elmau began on Sunday and will continue until Tuesday. The note states that "Together, with our G7 partners we want to mobilize a total 600,000,000,000 dollars (about 570,000,000,000 euros) for global infrastructure investments by 2027."

This initiative is an alternative project to China's plan to create the "New Silk Road", as Beijing already calls it. The Asian giant plans to open new trade routes to Europe and Africa via it.

At the meeting in the Bavarian Alps, the Heads of States and Government of Germany and Great Britain met with the United States delegation. They stressed that countries receiving financial assistance from China to help them develop their projects end up being heavily indebted and dependent upon Beijing. The "so-called investment" does not benefit the people of the affected states. However, the G7 has stated that projects announced as part of their initiative will be subjected to strict standards "to ensure these investments have a business and economic background and don't end up being debt traps."

The US will contribute 200,000, or approximately 190,000,000,000 euros, to the 600,000,000,000 in investments over the next five-years. The remaining 400,000, or about 380,000 million, will be provided by other members of G7. According to sources at the White House, the US contribution will be supported by a mixture of federal funding, budget approvals and private sector investment.

This partnership for global infrastructure and investment replaces the "Build Back a better World" plan that was announced last year at the G7 summit.

Boris Johnson, British Prime Minister, was present at the meeting with seven of the most wealthy countries in the world to discuss the war in Ukraine. He defended Germany against criticisms for its military support for Ukraine. He also praised the Federal Chancellor Olaf Scholz's policy. Johnson said that France and Germany "have done surprising things considering where they were at the start of the conflict." Johnson spoke from the G7 summit to CNN.

British Prime Minister, David Cameron, pointed out that Scholz took a radical turn with German policy when he sent heavy weapons to Ukraine and increased the size of his army. He noted that he had never expected Germany to direct military support to another European country as now.

Johnson, who met with Emmanuel Macron, the French president, was in favor of a negotiation with Russia in which Russia would not "humiliated" in a peaceful agreement. However, Johnson warned against any concessions to the Kremlin to stop the conflict. The British president stated that warlike "Any attempt at ending the conflict now would only cause permanent instability and lead to President Putin being in a position of manipulating sovereign states as well as international markets."

On the other side, Joachim Herrmann (Minister of the Interior of Bavaria), a Christian Socialist (CSU), defended the deployment of 18,000 police officers and the cost of over 170 million euros to ensure the security of the G7 summit at Elmau in South Germany.

Herrmann admitted that the number of people attending anti-summit protests was far lower than anticipated. He said that agents and means are not deployed to handle protests, but also to ensure the safety of the airport and roads leading to the venue, as well as the prevention of terrorist attacks or drone strikes.

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