REFILE-U.S. aims to raise $200 bln as part of G7 rival to China's Belt & Road
U.S. President Joe Biden attends a working lunch with other G7 leaders to discuss shaping the global economy at the Yoga Pavilion, Schloss Elmau in Kuren, Germany, June 26, 2022.
Increasingly worried about China, G7 leaders first floated plans for the project last year, and are formally launching it now under a fresh title, "Partnership for Global Infrastructure and Investment" while dropping the moniker "Build Back Better World" first coined by Biden during his presidential campaign.
The funds would be raised through grants and federal funds, and by leveraging private-sector investments, the White House said, adding that hundreds of billions of additional dollars could come from multilateral development banks, development finance institutions, sovereign wealth funds and others. White House officials say Xi's plan to create a modern version of the ancient Silk Road trade route has provided little tangible benefit for many developing countries, with top jobs going to Chinese workers, while increasing rates of forced and child labor.
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