US to Fund G7 Plan on India Infra to Counter ChinaTop Stories

June 27, 2022 06:57
US to Fund G7 Plan on India Infra to Counter China

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Indian Prime Minister Narendra Modi arrived in Germany's Munich for the G7 Summit that will take place soon. There would be discussions on topics like food security, energy, climate control, environment, counter-terrorism, democracy and gender equality. G7 Summit is expected to raise 600 billion USD to counter China's Belt and Road. There were hundreds of protestors on the roads of Munich protesting about for climatic justice. To counter the flagship trade and infrastructure of China, USA President Joe Biden and other leaders of G7 formally launched in Germany the Partnership for Global Infrastructure (PGII). The initiative will mobilize billions of dollars to deliver a quality infrastructure that would be sustainable.

One key project among them is the US International Development Finance Corporation which would be investing up to 30 million USD in Climate Sustainability Fund 3 and Omnivore Agritech. The leaders pledged to raise 600 billion USD in the developing countries like India. USA says that they are ready to deliver some game changing projects to counter the Chinese Belt and Road project. There would be investments made in food system, agriculture and rural economy of India. The first fund would be 65 million USD in September 2022 and final close in 2023. The White House report said that the DFC is keen to mobilize 30 million USD in the private capital.

By Siva Kumar

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India  USA  China  Joe Biden  Narendra Modi  G7 Summit