G-7 Agrees on Huge Infrastructure Investment to Counter China
Cornwall, England, June 12 (Jiji Press)--Leaders of the Group of Seven key industrialized nations agreed Saturday to launch a massive infrastructure investment initiative for the developing world to rival China's "Belt and Road" program.
The Build Back Better World initiative, worked out on the second day of talks at the three-day G-7 summit in Britain, is designed as part of the united effort by Japan, North America and Europe to tackle China's increasingly hegemonic behavior.
According to the U.S. government, the initiative, on a scale of hundreds of billions of dollars in the coming years, calls for intensive investment in four areas of focus--climate, health and health security, digital technology, and gender equity and equality.
China has provided large-scale financial assistance to developing countries, mainly in Africa, to help infrastructure development projects, but the projects have caused a series of problems, such as environmental destruction and excessive loans.
The G-7 countries plan to support high-quality infrastructure development in developing countries.
[Copyright The Jiji Press, Ltd.]