Group of Seven leaders pledged to raise $600 billion in private and public funds over five years to finance needed infrastructure in developing countries and counter China’s older, multitrillion-dollar Belt and Road project. U.S. President Joe Biden and other G7 leaders relaunched the newly renamed “Partnership for Global Infrastructure and Investment,” at their annual gathering .
The G7 group of rich democracies has announced an attempt to compete with China’s formidable Belt and Road Initiative by raising some $600 billion for global infrastructure programmes in poor countries
The G-7 a group of the most industrialised and democratic countries, comprising the United States, the United Kingdom, Canada, Germany, Japan and the European Union (EU)
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