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The G7 leaders have pledged to raise $600 billion in private and public funds to finance needed infrastructure in developing countries. The scheme has been launched to counter China's Belt and Road initiative.
Reuters reported the funds would be invested over five years to finance needed infrastructure in developing countries. 
US President Joe Biden said "The US would mobilize $200 billion in grants, federal funds and private investment over five years to support projects in low- and middle-income countries that help tackle climate change as well as improve global health, gender equity and digital infrastructure." Biden said that it was an investment and not aid or charity. Biden added that it was an investment that would deliver benefits for everyone. 
Biden said hundreds of billions of additional dollars could come from multilateral development banks, development finance institutions, sovereign wealth funds and others. Europe will mobilize 300 billion euros for the initiative over the same period to build up a sustainable alternative to China's Belt and Road Initiative scheme European Commission President Ursula von der Leyen told the gathering, the publication reported. 
Reuters reported that together with G7 members and the EU, Washington will also provide $3.3 million in technical assistance to Institut Pasteur de Dakar in Senegal as it develops an industrial-scale flexible multi-vaccine manufacturing facility in that country that can eventually produce COVID-19 and other vaccines, a project that also involves the EU. 
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