The G7 announced $600 billion for global infrastructure programmes in poor countries to compete with China's Belt and Road Initiative.

The US government and allies will raise $600-billion through grants, federal financing, and leveraging private sector investments.

Biden said the target was for the United States to bring $200 billion to the table, with the rest of the G7 another $400 billion by 2027. Funding the kinds of projects that China currently dominates everything from roads to harbours in far-flung corners of the world is not "aid or charity," he added.

European Commission chief Ursula von der Leyen echoed this, saying "it is up to us to give a positive, powerful investment impulse to the world"

Unlike China's state-run BRI initiative, the proposed G7 funding would depend largely on private companies being willing to commit to massive investments

#g7 #G72022 #joebidenspeech #g7summit #ChinaBRI #beltandroadinitiative

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