G7 leaders unveil $600 billion plan to rival China's Belt and Road Initiative in developing nations
The Hindu
The initiative will be geared towards tackling climate change, improving global health, achieving gender equity and building digital infrastructure.
US President Joe Biden and other G7 leaders have unveiled ambitious plans to mobilise $600 billion in funding by 2027 to deliver transparent and game-changing infrastructure projects in developing countries like India, in a move seen as a counter to China's Belt and Road Initiative.
The Partnership for Global Infrastructure and Investment (PGII) unveiled on Sunday in Elmau during the G7 Summit relaunches a scheme unveiled at last year's G7 talks in England.
President Biden said the plan would deliver returns for everyone.
"Today, the nations of the G7 launched the Partnership for Global Infrastructure and Investment (PGII)," Mr. Biden said.
"Collectively, we aim to mobilise nearly USD 600 billion from the G7 by 2027 to invest in critical infrastructure that improves lives and delivers real gains for all of our people," he tweeted.
"I want to be clear — the G7's announcement of a new global infrastructure partnership isn't aid or charity. It’s an investment that will deliver returns for everyone — including the American people — and boost all of our economies," Mr. Biden tweeted.