G7 leaders attempt to rival China with infrastructure project

The ‘Build Back Better World’ project is aimed squarely at competing with China’s Belt and Road Initiative.

The Group of Seven (G7) nations have unveiled a significant infrastructure initiative for lower-income countries in a bid to counter China’s multitrillion-dollar Belt and Road Initiative, dubbed the “New Silk Road”. Promising to “collectively catalyse” hundreds of billions in infrastructure investments for low- and middle-income countries, the G7 leaders said on Saturday that they would offer a “values-driven, high-standard and transparent” partnership. The announcement was made as the leaders of the G7 countries – the United States, Canada, United Kingdom, Germany, Italy, France and Japan – gathered at the seaside resort of Carbis Bay in southwestern England.