The leaders of the Group of Seven nations have pledged to raise $600bn in private and public funds over five years to finance infrastructure in developing countries and counter China’s older, multitrillion-dollar Belt and Road project.
US President Joe Biden says developing countries often lack the essential infrastructure to help navigate global shocks, like a pandemic, so they feel the impacts more acutely and they have a harder time recovering.
He says the United States would mobilise $200bn in grants, federal funds and private investment over five years to support projects in low- and middle-income countries that help tackle climate change as well as improve global health, gender equity and digital infrastructure.