The leaders of the Group of Seven (G7) nations have pledged to raise $600bn in private and public funds over five years to finance infrastructure in developing countries and counter China’s older, multitrillion-dollar Belt and Road project.
US President Joe Biden and other G7 leaders relaunched the newly renamed “Partnership for Global Infrastructure and Investment” on Sunday at their annual gathering being held this year at Schloss Elmau in southern Germany.
“Developing countries often lack the essential infrastructure to help navigate global shocks, like a pandemic, so they feel the impacts more acutely and they have a harder time recovering,” Biden said.
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