US President Joe Biden announced Sunday a G7 project to rival China's formidable Belt and Road Initiative by raising some $600 billion for global infrastructure programs in poor countries.
US President Joe Biden and German Chancellor Olaf Scholz chat as they arrive for the start of the G7 Summit at Elmau Castle, near Garmisch-Partenkirchen, Germany, June 26, 2022. Brendan Smialowski/ Pool via REUTERSUS President Joe Biden announced Sunday a G7 project to rival China's formidable Belt and Road Initiative by raising some $600 billion for global infrastructure programs in poor countries.
The plan, which relaunches a first attempt unveiled during last year's G7, will target countries desperately needing everything from roads to harbors—and until now often relying on the Chinese. Unlike the Chinese version, reliant on state-controlled funds and companies, Biden said the US and other G7 governments will only provide limited amounts of money, while incentivizing massive private sector investments.
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