President Biden said the effort will prove democracies can deliver, and with fewer strings attached than Chinese-funded infrastructure. 'It's a chance for us to share our positive vision for the future,' he said.
President Biden appears with other G7 leaders on Sunday, as a summit at Elmau Castle in the German Alps gets underway. Biden announced a $200 billion U.S. investment as part of a global infrastructure project by major democracies to counter China's investments in developing countries.
The announcement is an official launch and a rebranding of what had been rolled out last year at the G7 in the UK as"Build Back Better World," a play on Biden's domestic proposal that would have reshaped the U.S. economy but foundered in Congress. The effort is now called the Partnership for Global Infrastructure and Investment, or PGII.
Up to $50 million from the U.S. to the World Bank's Childcare Incentive Fund, which is also getting support from Canada, Australia and numerous foundations The idea is to combine government funding with private capital from pension funds, private equity funds and insurance funds, among others.
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President Biden heads to Germany for G7President Biden headed to Germany Saturday for the G7 meetings with leaders of the world’s wealthiest nations.
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Biden kicks off G7 summit with focus on Ukraine, global economyPresident Biden kicked off a series of meetings with world leaders on Sunday in the Bavarian Alps, where the war in Ukraine was expected to dominate conversation.
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G7 launches $600B global infrastructure project to counter ChinaThe plan, formally announced by US President Biden at the G7 summit, will target countries desperately needing everything from roads to harbours - and until now often relying on the Chinese.
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Biden signs gun legislation; NY lawmakers fight concealed carry rulingThere was a major step forward in the fight against gun violence Saturday as President Joe Biden signed the first significant piece of gun legislation in decades. While the law benefits New York, state legislators are also trying to work around the Supreme Court ruling that now makes it easier for everyone in the state to carry a gun in public. CBS2's Jessica Moore reports.
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Biden urges Western unity on Ukraine amid war fatigueELMAU, Germany (AP) — President Joe Biden and western allies opened a three-day summit in the Bavarian Alps on Sunday intent on keeping economic fallout from the war in Ukraine from fracturing the global coalition working to punish Russia’s aggression.
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