June 9, 2023
G7 leaders


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

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