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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