G7 relaunches infrastructure plan for developing countries

Some of the world leaders pose for a group photo at the G7 summit, in Carbis Bay, Britain, on June 11, 2021. [Reuters]

US President Joe Biden along with other G7 leaders has unveiled an ambitious plan aimed at delivering high-quality infrastructure in low- and middle-income countries.

Although the plan is seen as a move to rival China's Belt and Road Initiative, dubbed “the Partnership for Global Infrastructure and Investment (PGII)” plans to mobilize $600 billion funding to deliver transparent” and “game-changing” infrastructure projects in developing countries by 2027.