The G7 countries have agreed on a major project to help developing countries with their infrastructure. The deal came on the second day of the Cornwall summit of the seven richest democracies in Britain.
Details of the plan are still unclear. For example, it is not yet known how much money is involved and how countries will be helped in concrete terms. What is certain is that money is being sought in the private sector for investments in projects in the fields of climate, healthcare, digital technology and (gender) equality.
An agreement was called for by US President Biden. He would like the G7 countries to counterbalance China’s growing economic power. Forty years ago, the Chinese economy was smaller than Italy’s. The country is now the second largest economic power in the world, with a leading position in many new technologies.
New Silk Road
In 2013, China began a global infrastructure project called the New Silk Road. Since then, agreements have been signed with more than a hundred countries around the world for the construction of ports, railways, airports and highways, among other things.
A US official says the infrastructure plan is not just designed to outdo China. “It is true that until now we did not have a positive alternative based on our standards and values and our way of doing business.”
G7 comes with major infrastructure project, counterpart of Chinese Silk Road
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