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Indonesia: VdL, Biden repackage 600 billion-dollar 'anti-China' developing nations fund as 'anti-Russia' energy initiative01:44

Indonesia: VdL, Biden repackage 600 billion-dollar 'anti-China' developing nations fund as 'anti-Russia' energy initiative

Indonesia, Nusa Dua
November 15, 2022 at 12:46 GMT +00:00 · Published

US President Joe Biden and President of the European Comission, Ursula von der Leyen, renewed their commitment to a G7 project, the 'Partnership for Global Infrastructure and Investment', during a special conference on the sidelines of the G20 summit in Bali, Tuesday.

"Fellow G7 leaders, to officially launch Partnership for Global Infrastructure and Investment with the collective goal of mobilising 600 billion dollars in five years for quality, sustainability and innovative infrastructure in investments in low and middle income countries," said Biden.

Originally announced back in 2021, media reports suggested the investment programme was intended to rival China's Belt and Road Initiative.

However, von der Leyen stated that PGII was also a way for European Union to break away completely from Russian fossil fuel dependency.

"We see that Russia's war is rubbing salt in the wound of economic recovery of COVID-19, so this mix should made us to completely revaluate our energy, our trade and our security relationships, what is the situation for the European Union, we have decided to diversify completely away from the Russian fossil fuels, we have understood and learnt our lesson that it was an unhealthy dependency, unsustainable and we want reliable and forward looking connections and this is why we are launching the Partnership for Global Infrastructure and Investment (PGII)," she said.

The 2022 G20 summit in Bali is taking place under the shadow of the conflict in Ukraine that started in late February, increasing tensions between Moscow and the Western countries, who are sending weapons to Kiev in an attempt to defeat Russia on the battlefield.

The US and the EU also imposed tough economic sanctions against Russia, although these have not been supported and implemented by many of the world’s leading economies, including Brazil, India and China.

Putin decided not to attend the G20 meeting, sending Russian Foreign Minister Sergey Lavrov instead.

Indonesia: VdL, Biden repackage 600 billion-dollar 'anti-China' developing nations fund as 'anti-Russia' energy initiative01:44
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US President Joe Biden and President of the European Comission, Ursula von der Leyen, renewed their commitment to a G7 project, the 'Partnership for Global Infrastructure and Investment', during a special conference on the sidelines of the G20 summit in Bali, Tuesday.

"Fellow G7 leaders, to officially launch Partnership for Global Infrastructure and Investment with the collective goal of mobilising 600 billion dollars in five years for quality, sustainability and innovative infrastructure in investments in low and middle income countries," said Biden.

Originally announced back in 2021, media reports suggested the investment programme was intended to rival China's Belt and Road Initiative.

However, von der Leyen stated that PGII was also a way for European Union to break away completely from Russian fossil fuel dependency.

"We see that Russia's war is rubbing salt in the wound of economic recovery of COVID-19, so this mix should made us to completely revaluate our energy, our trade and our security relationships, what is the situation for the European Union, we have decided to diversify completely away from the Russian fossil fuels, we have understood and learnt our lesson that it was an unhealthy dependency, unsustainable and we want reliable and forward looking connections and this is why we are launching the Partnership for Global Infrastructure and Investment (PGII)," she said.

The 2022 G20 summit in Bali is taking place under the shadow of the conflict in Ukraine that started in late February, increasing tensions between Moscow and the Western countries, who are sending weapons to Kiev in an attempt to defeat Russia on the battlefield.

The US and the EU also imposed tough economic sanctions against Russia, although these have not been supported and implemented by many of the world’s leading economies, including Brazil, India and China.

Putin decided not to attend the G20 meeting, sending Russian Foreign Minister Sergey Lavrov instead.