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On June 27, 2022, Al Jazeera reported that G7 leaders have pledged to raise $600 billion in public and private funds over five years to finance infrastructure development in developing countries and to counter projects. China's older, multi-trillion dollar Belt and Road Initiative




US President Joe Biden and other leaders of the G7 group have launched a new project called Partnership for Global Infrastructure and Investment on Sunday local time. at the annual meeting held at the Schloss Elmau Hotel in southern Germany.

Biden said Developing countries often lack the infrastructure needed to help guide them during global quake events such as epidemics, so they will feel more severe impacts. And they have a harder time recovering.

“That's not just a humanitarian concern. It is an economic and security concern for all of us.”

Biden also said US to raise $200 billion in aid through a five-year federal and private investment fund to support projects in low- and middle-income countries. to help deal with climate change including the development of global health gender equality and digital infrastructure