G7 leaders have detailed plans to mobilise $600 billion in funding to fund the launch of infrastructure projects in middle and low-income countries.
The plan has been pitched as a way to counter China’s ambitious Belt and Road Initiative (BRI). Launched by Chinese president Xi Jinping in 2013, the BRI provides financing for emerging countries to build infrastructure like ports, roads and bridges.
The US has promised to raise $200 billion of the total through grants, federal funds and private investment, while the EU has announced a further $300 billion.
The initiative will be geared towards tackling climate change, improving global health, achieving gender equity and building digital infrastructure.
Some of the highlighted initiatives include a solar-powered project in Angola, a vaccine manufacturing facility in Senegal, and a 1,609 km submarine telecommunications cable connecting Singapore to France via Egypt and the Horn of Africa.