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EXCERPT:
BIDEN: “These MCC investments are part of the work we’re doing worldwide through the Partnership for Global Infrastructure and Investment. I proposed this initiative together with the rest of the G7 to help fill the need for quality high-standard infrastructure in Africa and the low-income and middle-income countries around the world. At the G-7 meeting earlier this year, we announced our intention to collectively mobilize $600 billion in the next five years. Today’s announcement joined a portfolio of Partnership for Global Infrastructure Investment projects already underway in Africa, including mobilizing $8 billion in public and private finance to help South Africa replace coal-fired power plants with renewable energy sources and develop cutting edge energy solutions like clean hydrogen, a deal worth $2 billion to build solar energy projects in Angola, $600 million high-speed communications cables that will connect southeast Asia to Europe via Egypt and the Horn of Africa and help bring high-speed internet connectivity to countries all along the way.”