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Biden commits $200B to global infrastructure plan

President Joe Biden waits for the start of a lunch with the Group of Seven leaders at the Schloss Elmau hotel in Elmau, Germany, Monday, June 27, 2022, during the annual G7 summit. Joining the Group of Seven are guest country leaders and heads of international organizations. (AP Photo/Susan Walsh, Pool)

President Joe Biden waits for the start of a lunch with the Group of Seven leaders at the Schloss Elmau hotel in Elmau, Germany, Monday, June 27, 2022, during the annual G7 summit. Joining the Group of Seven are guest country leaders and heads of international organizations. (AP Photo/Susan Walsh, Pool)

President Joe Biden waits for the start of a lunch with the Group of Seven leaders at the Schloss Elmau hotel in Elmau, Germany, Monday, June 27, 2022, during the annual G7 summit. Joining the Group of Seven are guest country leaders and heads of international organizations. (AP Photo/Susan Walsh, Pool)

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UPDATED 7:15 AM PT – Sunday, June 26, 2022

President Joe Biden urged G7 leaders to “stay together” against Russia’s war on Ukraine. While kicking off the summit in the Bavarian Alps on Sunday, leaders agreed to strengthen sanctions by banning imports of Russian gold. The move came shortly after Russian missiles rained down on Kyiv earlier that morning and is additional effort to weaken Russia’s economy.

President Biden also announced the launch of the partnership for global infrastructure movement to counter China’s Belt and Road Initiative project.

“And I’m proud to announce the United States will mobilize $200 billion in public and private capital over the next five years for that partnership,” announced the President. “We’re here today because we’re making this commitment together as a G7 in coordination with one another and to maximize the impact of our work. Collectively, we aim to mobilize nearly $600 billion  from the G7 by 2027.”

The initiative is a new version of Biden’s “Build Back Better World,” which he revealed at last year’s summit. Additionally, Biden claimed the effort is critical to America’s economic and national security.

“I want to be clear, this isn’t aid or charity,” he stated. “It’s an investment that will deliver returns for everyone, including the American people and the people of all our nations. It will boost all of our economies and it’s a chance for us to share our positive vision for the future, and let communities around the world see themselves and see for themselves the concrete benefits of partnering with democracies.”

Meanwhile, leaders will continue their meetings in Germany until June 28. Biden will head to Spain soon after to attend the NATO summit in Madrid.

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