G7 announces $600 billion global infrastructure programs

Tags: International News

The G7 group has announced USD 600 billion global infrastructure programs for poor countries.

  • Under the program, the US government and its allies will try to touch the USD 600 billion mark during the years 2022 and 2027.

  • The move is intended to compete with China's Belt and Road Initiative.

  • The proposed G7 funding would rely largely on private companies, in contrast to the Chinese government-run Belt and Road Initiative.

  • The partnership has been unveiled by US President Joe Biden and G7 allies from Germany, Canada, Japan, Italy and the European Union.

  • Belt and Road Initiative (BRI)

  • The Belt and Road Initiative is formally known as the One Belt One Road initiative.

  • It is a global infrastructure development strategy, launched by China in 2013.

  • Under this, China had planned to invest in about 70 countries and international organisations.

  • The project is the centrepiece of Chinese leader Xi Jinping's foreign policy.

  • As of March 2022, 146 countries have signed the BRI.

  • The Asian Infrastructure Investment Bank is dedicated to providing loans for infrastructure projects.

  • About the G7

  • The G7 or Group of Seven is a grouping of the seven most advanced economies.

  • The seven countries are Canada, USA, UK, France, Germany, Japan and Italy.

  • It was formed in 1975.

  • The G7 countries meet annually to discuss issues of common interest such as global economic governance, international security and energy policy.

  • All G7 countries and India are part of the G20.

  • The G7 has no fixed headquarters.

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