G7 plans to counter China’s influence. US urges G7 to offer infrastructure financing.
Where: Plymouth, England
The Facts
▪ On Saturday, the group of the seven wealthiest democracies (G7) sought to counter China’s influence by offering developing nations an infrastructure plan.
▪ President Biden urged the G7 nations to offer developing countries infrastructure financing to rival China’s multi-trillion-dollar Belt and Road initiative (BRI).
▪ Over 100 countries have already signed agreements with China to cooperate in BRI infrastructure projects.
▪ The White House said President Biden and other G7 leaders hope their plan, known as the Build Back Better World (B3W), will provide an infrastructure partnership to narrow the $40 trillion needed by developing nations by 2035.
▪ The White House added, the G7 and its allies will use the B3W initiative to mobilize private-sector capital in areas such as climate, health and health security, digital technology, and gender equity and equality.
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