The G7 wants to get $600 billion to fight China's Belt and Road Initiative.

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G7 leaders relaunched the “Partnership for Global Infrastructure and Investment” at their annual meeting in southern Germany.

Biden said the US would mobilize $200 billion in grants, federal cash, and private investment over five years to assist projects in low- and middle-income nations that combat climate change, promote global health, gender equity, and digital infrastructure.

“Clarify. This isn't charity. It will help countries to ”understand the tangible benefits of collaborating with democracies,“ Biden stated ”less

Biden said multilateral development banks, development finance organizations, sovereign wealth funds, and others might contribute billions more.

Europe will mobilize €300 billion over the same period to develop a sustainable alternative to China's Belt and Road Initiative, launched by President Xi Jinping in 2013.

Italy, Canada, and Japan also declared their plans. Emmanuel Macron and Boris Johnson weren't there, but their countries are participating.

China is investing in over 100 countries to create a contemporary Silk Road trade corridor from Asia to Europe.

White House officials say the initiative has benefited few poor nations.

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Biden highlighted a $2 billion solar development project in Angola with funding from the Commerce Department, the US Export-Import Bank, US firm AfricaGlobal Schaffer, and US project developer Sun Africa.

Washington will pay US$3.3 million in technical assistance to Institut Pasteur de Dakar in Senegal as it constructs an industrial-scale adaptable multi-vaccine manufacturing facility that can produce COVID-19 and other vaccines.

USAID will donate $50 million over five years to the World Bank's Childcare Incentive Fund.

Friederike Roder, vice president of the non-profit Global Citizen, said the funding pledges might be “a promising start” toward greater G7 engagement in developing nations and support better global growth.

G7 countries give less than half of the 0.7% promised in development funding, she said.

Without developing countries, the international economy won't revive, she warned.

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