President Biden on Sunday relaunched a global infrastructure initiative meant to counter China’s growing influence, saying the U.S. would commit $200 billion to the effort in public and private financing to boost projects in developing and middle-income countries. Describing the globe as at an inflection point, Biden said the initiative by the Group of Seven (G7) nations would help set the world on a strong path for the future by investing in sustainable projects that are “grounded in our shared values.” “It’s built using the global best practices – transparency, partnership, protections for labor and the environment,” Biden said in a speech from the G7 summit in Germany on Sunda
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