G7 create counter to Silk Road initiative

A whopping $600 billion – is the sum G7 countries have agreed on for a comprehensive investment program for developing countries in response to China’s Silk Road initiative and Beijing’s growing global influence. The amount will be „mobilized“ over the next five years to fund infrastructure projects in developing countries, US President Joe Biden announced at the G7 summit in Elmau. The initiative, called the Partnership for Global Infrastructure, is intended to „provide financing for quality, high-standard, sustainable infrastructure,“ he promised.