The Group of Seven countries plans to raise $600 billion for an infrastructure program rival to China’s Belt and Road Initiative.
The United States aims to raise $200 billion in private and public funds over five years to fund needed infrastructure in developing countries under a Group of Seven (G-7) initiative aimed at countering China’s multitrillion-dollar Belt and Road project, the White House said on Sunday.
U.S. President Joe Biden will unveil the plans, flanked by other G-7 leaders, some of whom have already unveiled their own separate initiatives, at their annual gathering being held this year at Schloss Elmau in southern Germany.
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