G7 plans to raise $ 600 billion in funding for infrastructure funds is considered to b

(Morning News) U.S. President Biden on Sunday (June 26) announced at the Seventh Kingdom Group (G7) summit that the Seven Kingdoms Group will raise about $ 600 billion (about S $ 834 billion) to fund global povertyThe development of infrastructure of the country.This plan is considered to compete for China's "Belt and Road" initiative.

The "Belt and Road" initiative was initiated in 2013 to invest and build infrastructure in more than 100 countries, including railway, seaport and highways.Unlike the "Belt and Road" initiative, the planned funds in the proposed proposal of the Seventh Kingdom Group mainly come from private investors.

The White House said that the funds will be raised through funding and investment in federal funds and private sectors.There are hundreds of billions of dollars of funds from multilateral development banks, development financial institutions, sovereign wealth funds and other funds.

The Chairman of the European Commission Feng Delin said that Europe will mobilize a private and public funds of 300 billion euros (about S $ 440 billion) within five years to fund the infrastructure construction of developing countries.

Feng Delin said at a joint press conference of the G7 leaders: "We should bring positive and strong investment motivation to the world, and show us that they have to choose from the world's partners.Unity and meet their development needs. "

G7 leaders first proposed the "BUILD BACK BACK BACK BACK BETTER World (B3W) infrastructure initiative last June last year.For Global Infrastic and Investment, which officially launched this infrastructure project.

G7 Summit will be held at the El Palace Hotel in Bavaria, Bavaria, Bavaria, Germany from the 26th to 28th.The stress of shadow, climate change, and the rise of strong China and dictatorships are also one of the agenda.

G7 leaders have also announced that they are prohibited from importing gold from Russia to strengthen sanctions on Russia while preventing Russia from purchasing precious metals to avoid the impact of sanctions.

U.S. President Biden Posted on Sunday tweeted: "G7 will announce the ban on Russia's gold imports, which is the main product to bring tens of billions of dollars to Russia."

G7 officials said that the sanctions on banks, energy companies, airlines, high -tech and consumer goods have put tremendous pressure on the Russian economy, and blocking the gold market will have a significant impact on Russia.

The White House said that gold is the second largest export product after Russia after energy.Russia's gold exports in 2020 accounted for about 5%of all gold exports; 90%of Russia's output flowed to G7 countries, mainly Britain.