G-7 Eyeing New Framework for Infrastructure Development

Politics

Schloss Elmau, Germany, June 26 (Jiji Press)--U.S. President Joe Biden at a summit of the Group of Seven major nations in Germany on Sunday announced a plan to create a new framework aimed at supporting infrastructure investment in developing countries.

The framework, apparently aimed at countering China's Belt and Road global infrastructure development strategy, calls for a total of 600 billion dollars of investment by 2027 mainly from the G-7, which groups Britain, Canada, France, Germany, Italy, Japan and the United States plus the European Union.

At the three-day summit in Schloss Elmau, southern Germany, which started on the day, Japanese Prime Minister Fumio Kishida said his country plans to invest at least 65 billion dollars, including private-sector funds, over the next five years under the new framework.

"No country should draw wrong lessons" from Russia's invasion of Ukraine, Kishida said, apparently keeping China in mind.

The security environment in East Asia is serious, Kishida said, referring to repeated intrusions by Chinese government ships into Japanese territorial waters around the Senkaku Islands in Okinawa Prefecture, southernmost Japan, and Beijing's moves linked to gas field development in the East China Sea.

[Copyright The Jiji Press, Ltd.]

Jiji Press