The G7 announces a $600 billion infrastructure program, particularly for Africa

The G7 announces a $600 billion infrastructure program, particularly for Africa

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The G7 put on track on Sunday June 26 a vast investment program for developing countries. At the initiative of the United States, this program of 600 billion dollars aims to respond to the immense projects financed by China in its ” New Silk Roads », with sub-Saharan Africa as a « major priority “, according to a senior American official.

With G7 partners, we aim to mobilize $600 billion by 2027 for global infrastructure investments the White House said shortly before a speech by US President Joe Biden unveiling the proposal at the summit of seven industrialized nations in southern Germany.

The American president assured that this program was based on ” shared values » such as the « transparency », but also respect for the rights of workers, the environment and gender equality. ” We offer better options he said, against the backdrop of the peaks of the Bavarian Alps. Public and private investments in the direction of developing countries – on the model cited by Joe Biden of the vaccination factory financed in Senegal, reports our special correspondent in Bavaria, Daniel Vallot.

Neither the US president nor other leaders mentioned China’s name, but they did. obvious hintssince in the eyes of the American president that is what it is all about: competing with the “New Silk Roads” and the investment projects financed for years by Beijing.

The President of the European Commission Ursula von der Leyen thus estimated that the partner countries of the West ” had the choice – alluding then to the choice to go to the democracies rather than to Beijing – to develop their electrical networks or their medical infrastructures.

Today, the world needs these investments more than ever and this is what the Global Infrastructure Partnership is all about. What do we have to do ? We must work side by side and show the power of development investments when they reflect democratic values ​​and when they adopt the highest standards for the environment and workers.

Ursula von der Leyen, President of the European Commission

►Also read and listen: “Silk Roads”, the underside of the China-Africa relationship

Westerners want to distance themselves from China, which has invested heavily in many developing countries to build infrastructure through of the program says “ New Silk Roads »or to secure access to certain raw materials.

But Beijing is accused of carrying out his projects through unprofitable loans, opaque, even openly perilous, which would aggravate the debt problems of already vulnerable countries. Hence the ” transparency promised on the contrary by the G7 countries.

The United States wants to raise 200 billion dollars

The ” Global Infrastructure Partnership (Partnership for Global Infrastructure) must, according to the same source, “ provide quality and sustainable infrastructure “. The G7” is committed to making the world a better deal in infrastructure investment “Said German Chancellor Olaf Scholz, presenting the project alongside the American president.

The United States alone promises to ” mobilize ” some ” 200 billion dollars over five years for this program. But ” mobilize does not mean that the States will themselves provide these enormous sums: Washington thus arrives at a total of 200 billion dollars by combining loans, public financing – in part already existing – and private financing encouraged by the executive. American.

Sub-Saharan Africa will clearly be a major priority »

Washington hopes to reverse the trend against China. The Chinese Offensive has existed for years and has resulted in many cash payments and many investments a senior White House official said Sunday, but it’s really not too late for the G7 initiative, he assured.

Many countries that have received funds or investments from the BRI program (acronym of the name in English Belt and Road Initiative – Editor’s note) now realize, years later, that they are more indebted, that their GDP has not increased significantly, that the so-called investments did not reach their populations “, Estimated the same source, who did not wish to be named.

Sub-Saharan Africa will clearly be a major priority of the partnership launched by the G7, said this senior official of the American executive. This by ensuring that Central America, Southeast Asia, or Central Asia were also regions ” extremely important “.

(With AFP)

►Also read and listen: Chinafrica, time to question it?


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