President Joe Biden announced that his administration will pledge $200 billion towards a new Global Infrastructure Partnership that includes major health projects like a massive vaccine plant to produce ‘hundreds of millions’ of doses for Covid-19 and other diseases.
“For all of our people, not just the G-7, all of our people today, we officially launched the partnership for Global Infrastructure and Investment,” he said. “We collectively have dozens of projects already underway around the globe, 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.”
“We’re here today because we’re making this commitment together as a G-7 in coordination with one another to maximize the impact of our work collectively,” he added. “We aim to mobilize nearly 600 billion from the G-7 by 2027.”
“These strategic investments are areas of critical to sustainable development and are shared global stability, health, and health security, digital connectivity, gender equality, and equity, climate, and energy security,” he went on. “Let me give you some examples of the kinds of projects that are underway in each of these areas.”
“First: Health,” he began. “Two years ago, COVID 19. Didn’t need any reminders about how critical investments in healthcare systems were. And health security is both to fight the pandemic and to prepare for the next one, because it will not be the last pandemic we’re under. We have to deal with.”
“That’s why the United States together, the G-7 partners in the world bank are investing in a new industrial scale vaccine manufacturing facility in Senegal,” he said. “When complete we’ll have the potential produce hundreds of millions of doses of vaccine annually for COVID 19 and other diseases.”
The White House announced the partnership’s goals in a ‘fact sheet.’
“At the G7 Leaders’ Summit in Schloss Elmau, Leaders will formally launch the Partnership for Global Infrastructure (PGII)to mobilize hundreds of billions of dollars and deliver quality, sustainable infrastructure that makes a difference in people’s lives around the world, strengthens and diversifies our supply chains, creates new opportunities for American workers and businesses, and advances our national security,” the fact sheet said.
Meanwhile, President Biden is taking flack at home for economic policies that have fueled inflation and led to soaring gas prices. Biden has hit new approval lows according to a CBS poll, and gets his lowest marks for his handling of the economy and inflation: 34% and 29%, respectively.