US aims to raise US$200b as part of G7 rival to China’s Belt & Road

26/6/2022 7:17:00 PM

US aims to raise US$200b as part of G7 rival to China’s Belt & Road

G7, United States

US aims to raise US$200b as part of G7 rival to China ’s Belt & Road

WASHINGTON, June 26 — The United States aims to raise US$200 billion (RM880 billion) in private and public funds over five years to fund needed infrastructure in developing...

Sunday, 26 Jun 2022 11:44 PM MYTWASHINGTON, June 26 — The United States aims to raise US$200 billion (RM880 billion) in private and public funds over five years to fund needed infrastructure in developing countries under a G7 initiative aimed at countering China’s multitrillion-dollar Belt and Road project, the White House said today.

US President Joe Biden will unveil the plans, flanked by other Group of Seven leaders, some of whom have already unveiled their own separate initiatives, at their annual gathering being held this year at Schloss Elmau in southern Germany.Increasingly worried about China, G7 leaders first floated plans for the project last year, and are formally launching it now under a fresh title, “Partnership for Global Infrastructure and Investment” while dropping the moniker “Build Back Better World” first coined by Biden during his presidential campaign.

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Sunday, 26 Jun 2022 11:44 PM MYT WASHINGTON, June 26 — The United States aims to raise US$200 billion (RM880 billion) in private and public funds over five years to fund needed infrastructure in developing countries under a G7 initiative aimed at countering China’s multitrillion-dollar Belt and Road project, the White House said today. US President Joe Biden will unveil the plans, flanked by other Group of Seven leaders, some of whom have already unveiled their own separate initiatives, at their annual gathering being held this year at Schloss Elmau in southern Germany.2 million) worth of digital coins from one of its key products, the latest in a string of cyber heists on a sector long targeted by hackers. Increasingly worried about China, G7 leaders first floated plans for the project last year, and are formally launching it now under a fresh title, “Partnership for Global Infrastructure and Investment” while dropping the moniker “Build Back Better World” first coined by Biden during his presidential campaign. Harmony develops blockchains for so-called decentralised finance — peer-to-peer sites that offer loans and other services without the traditional gatekeepers such as banks — and non-fungible tokens. Biden will unveil several specific projects at a G7 side event, joined by leaders from Britain, Germany, Japan, the European Union and Canada, vowing to focus on projects that help tackle climate change as well as improve global health, gender equity and digital infrastructure. The California-based company said the heist hit its Horizon “bridge”, a tool for transferring crypto between different blockchains — the underlying software used by digital tokens such as bitcoin and ether. Notably absent will be French President Emmanual Macron who had formally joined the Chinese infrastructure programme. “Destructive and illegal fishing vessels operate with impunity in many coastal waters and on the high seas.

“The president’s not thinking that we need to spend dollar for dollar versus China. Over US$1 billion has been stolen from bridges so far in 2022, according to London-based blockchain analytics firm Elliptic. Over US$1 billion has been stolen from bridges so far in 2022, according to London-based blockchain analytics firm Elliptic... In a statement, Harmony added that it had a global team “working around the clock to address the issue”. though if you add up what the US and the G7 partners are going to be announcing, it comes pretty close to the number,” one senior US official told reporters. “We are currently narrowing down the potential attack vectors while working to identify the culprit,” a spokesperson said, adding that Harmony had already tried to contact the hacker via a transaction to their crypto wallet address. The funds would be raised through grants and federal funds, and by leveraging private-sector investments, the White House said, adding that hundreds of billions of additional dollars could come from multilateral development banks, development finance institutions, sovereign wealth funds and others. Elliptic, which tracks publicly visible blockchain data, said the hackers stole a number of different cryptocurrencies from Harmony, including ether, Tether, and USD Coin, which they later swapped for ether using so-called decentralised exchanges. — AFP pic ‘It’s Scary’ Jointly hosted by Portugal and Kenya, the five-day UN Ocean Conference — delayed from April 2020 by the Covid-19 pandemic — brings together thousands of government officials, businesses, scientists and NGOs in search of solutions.

China’s Belt and Road Initiative (BRI) scheme, which Chinese President Xi Jinping launched in 2013, involves development and investment initiatives in over 100 countries, with a range of projects including railways, ports and highways. White House officials say Xi’s plan to create a modern version of the ancient Silk Road trade route has provided little tangible benefit for many developing countries, with top jobs going to Chinese workers, while increasing rates of forced and child labor. The United States linked North Korean hackers to the theft. The United States linked North Korean hackers to the theft. Biden will highlight several flagship projects, including a US$2 billion solar development project in Angola with support from the Commerce Department, the US Export-Import Bank, US firm AfricaGlobal Schaffer, and US project developer Sun Africa. Together with G7 members and the EU, Washington will also provide US$3.3 million in technical assistance to Institut Pasteur de Dakar in Senegal as it develops an industrial-scale flexible multi-vaccine manufacturing facility in that country that can eventually produce Covid-19 and other vaccines. From East Asian factory ships prowling the high seas to artisanal fishing boats hugging tropical coastlines, how to make wild fisheries sustainable will be high on the Lisbon agenda.

The US Agency for International Development (USAID) will also commit up to US$50 million over five years to the World Bank’s new global Childcare Incentive Fund, a project aimed at address the gap in suitable childcare infrastructure. — Reuters Advertisement .