The United States will contribute $200 billion over five years to a G7 infrastructure partnership, President Biden announced Sunday.

Driving the news: The G7 countries aim to provide $600 billion by 2027 to the Partnership for Global Infrastructure and Investment, which seeks to meet the infrastructure needs of low- and middle- income countries.

The big picture: The partnership aims to counter China's development and infrastructure projects around the world, according to Reuters.

What he's saying: "I want to be clear," Biden said Sunday. "This isn't aid or charity. It's an investment that will deliver returns for everyone, including the American people and the people of all our nations."