Regional & International Cooperation

G7 states agree to raise $600 billion to rival China’s Belt and Road Initiative

by Daily Sabah

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.

Read the full story on Daily Sabah

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