President Biden has announced that the United States will provide $200 billion over the next five years for the G7's "Partnership for Global Infrastructure and Investment."
The US' contribution of $200 billion represents one third of the total $600 billion program, which aims to assist in the development of infrastructure worldwide.
"I'm proud to announce that the United States will mobilize $200 billion in public and private capital over the next five years," Biden stated as fellow G7 leaders stood behind him.
"These strategic investments," he continued, "are areas critical to sustainable development, and to our shared global stability, health and health security, digital connectivity, gender equality and equity, climate and energy security."
Biden went on to suggest that the G7 would work to ensure clean energy was not only made available to the entire world, but that the supply chain would be held to higher standards. He recently signed the Uyghur Forced Labor Prevention Act, which gives the US authority to seize goods produced in Xinjiang, namely electric car batteries, unless companies can prove they did not engage in forced labor practices.
"I want to be clear," Biden added, "this isn't aid or charity. It's an investment that will deliver returns for everyone, including the American people and the people of all our nations."
"It'll boost all our economies, and it's a chance for us to share our positive vision for the future, and let communities around the world ... see for themselves the concrete benefits of partnering with democracies."
As ABC News reports, Biden compared the G7's investment strategy with that of its greatest rival, China, urging other nations to side with the group that aligns with their values.
The remarks were made during the G7 leaders met near the German town of Garmisch-Partenkirschen for their annual gathering, which began on Saturday and is set to wrap up on Tuesday.
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