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G7 Leaders detail $600bn plan to rival China's Belt and Road initiative - Perthshire Chamber of Commerce

G7 Leaders detail $600bn plan to rival China's Belt and Road initiative

 

G7 leaders have detailed plans to mobilise $600bn in funding for the developing world in a move seen as a counter to China's Belt and Road plan.

The Partnership for Global Infrastructure and Investment (PGII) relaunches a scheme unveiled at last year's G7 talks in England.

The plan calls on G7 leaders to raise $600bn over five years to fund the launch of infrastructure projects in middle and low-income countries.

The US has promised to raise $200bn (£162bn) of the total through grants, federal funds and private investment, while the EU has announced a further 300bn euros (£257bn).

The initiative will be geared towards tackling climate change, improving global health, achieving gender equity and building digital infrastructure.

Some of the highlighted initiatives include a solar-powered project in Angola, a vaccine manufacturing facility in Senegal, and a 1,609 km submarine telecommunications cable connecting Singapore to France via Egypt and the Horn of Africa.

The plan has been pitched as a way to counter China's ambitious Belt and Road Initiative (BRI). Launched by Chinese president Xi Jinping in 2013, the BRI provides financing for emerging countries to build infrastructure like ports, roads and bridges.

FROM SCC NETWORK

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