US President Joe Biden announces a G7 project to rival China's formidable Belt and Road Initiative by raising some $600B for global infrastructure programmes in poor countries
Unlike China's huge BRI initiative, the proposed G7 funding would come largely from private investors and is therefore not guaranteed.
"Together with G7 partners, we aim to mobilise $600 billion by 2027 in global infrastructure investments," the White House said shortly ahead of a speech by Biden unveiling the proposal. The gargantuan BRI project has successfully used Chinese infrastructure know-how to spread Beijing's economic and diplomatic tentacles into strategic points around world, leaving Western governments flat-footed.
Between now and 2027, the US government will shoot for the $600-billion figure "through grants, federal financing, and leveraging private sector investments," the White House said.
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