G7 Announces $600 Billion Global Infrastructure
Programs to Rival China
Recently, global infrastructure programs worth 600 billion US dollars for poor countries have been announced by the G7 group. The move is aimed at boosting competition with China's Belt and Road Initiative. From the year 2022 to the year 2027, the US
government and its allies will try to touch the figure of 600 billion US dollars.The partnership has been unveiled by US President Joe Biden and G7 allies from Germany, Canada, Japan, Italy and the European Union. The proposed G7 funding would rely largely on private
companies, in contrast to the Chinese government-run Belt and Road Initiative.
Belt and Road Initiative
The Belt and Road Initiative (BRI) is formally known as the ‘One Belt One Road Initiative’. It is a global infrastructure development strategy, which was launched by China in the year 2013. Under this,
China planned to invest in about 70 countries and international organizations. The project is the
centerpiece of Chinese President Xi Jinping's foreign policy. BRI has been signed by 146 countries till March 2022.
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Rival China