G7 summit: Leaders detail $600bn plan to rival China’s Belt and Road initiative
The Partnership for Global Infrastructure and Investment (PGII) relaunches a scheme unveiled at last year’s G7 talks in England.
China’s multi-trillion dollar infrastructure initiative is criticized for hitting nations with too much debt.
The plan calls on G7 leaders to raise $600bn over five years to fund the launch of infrastructure projects in middle and low-income countries.
The US has promised to raise $200bn (£162bn) of the total through grants, federal funds and private investment, while the EU has announced a further 300bn euros (£257bn).
The initiative will be geared towards tackling climate change, improving global health, achieving gender equity and building digital infrastructure.
The plan has been pitched as a way to counter China’s ambitious Belt and Road Initiative (BRI)
The infrastructure plan was first unveiled at the 2021 G7 summit in Britain