The G7 group of rich democracies announced on Sunday “The Partnership for Global Infrastructure and Investment” program, which aims to compete with the Communist China’s “Belt and Road” initiative by raising some $600 billion for global infrastructure projects in poor countries, HKFP reported on June 28.
The plan proposed by the United States, Canada, Germany, Italy, Japan, and the G-7 allies of the European Union, would give developing countries more investment options, and recipient countries would be able to avoid debt traps and other strong-arm tactics allegedly used by the Chinese Communist Party. Instead of “aid or charity,” the plan would invest in various projects such as roads and harbors, which are currently dominated by the Chinese Communist Party.
This is a reboot of the first attempt at a Western infrastructure fund proposed by President Biden at last year’s G-7 summit in Britain.
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