(VOVWORLD) -G7 leaders on Sunday announced a 600 billion USD infrastructure investment program around the world.
 Leaders of the G7 and EU attend a summit held at Elmau castle in southern Germany on June 26. Photo: Reuters
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In a joint press conference following a session of the G7 Summit in Germany, German Chancellor Olaf Scholz and US President Joe Biden and leaders from Canada, Italy, Japan and the EU announced the Partnership for Global Infrastructure and Investment initiative.
At the heart of this project, in addition to investments in climate protection, are investments in transportation systems, health, and digital infrastructure.
President Biden said the target is for the United States to bring 200 billion USD to the table, with the rest of the G7 adding another 400 billion USD in the next five years. European Commission President Ursula von der Leyen said the EU wants to invest about 300 billion USD.
German media reported that two G7 members, Britain and France, will not participate in the US-led initiative.