President Joe Biden announced during a summit with the leaders of the Group of Seven on Sunday that the United States will contribute $200 billion to a global infrastructure initiative.
The President committed to provide $200 billion to the program throughout the next five years in combination with contributions from other G7 members for an overall target of $600 billion.
Biden said in remarks at the summit:
“Developing countries often lack the essential infrastructure to help navigate global shocks like a pandemic, so they feel the impacts more acutely and they have a harder timer recovering in our deeply connected world. That’s not just a humanitarian concern. It’s an economic and a security concern for all of us.”
Said Biden:
“This isn’t a charity. It’s an investment that will deliver returns for everyone, including the American people, the people of all our nations. It will boost all of our economies and give a chance for us to share our positive vision for the future.”
In remarks before the meeting, Biden and German Chancellor Olaf Scholz said that the nations will “continue working on the economic challenges” each faces while standing together against Russia. A senior White House official said that Biden and other G7 leaders will “continue to work to hold Putin accountable” while the United States, Britain, Canada, and Japan announced they have banned the import of Russian gold, which is Moscow’s largest non-energy export at about $15.47 billion last year.
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