G7 leaders detail plans to mobilise $600bn in funding for developing world rivalling China's Belt and Road plan
China's multi-trillion dollar infrastructure initiative is criticised for hitting nations with too much debt.
The scheme would allow countries to "see the concrete benefits of partnering with democracies," the US president added. The US has promised to raise $200bn of the total through grants, federal funds and private investment, while the EU has announced a further 300bn euros . The plan has been pitched as a way to counter China's ambitious Belt and Road Initiative . Launched by Chinese president Xi Jinping in 2013, the BRI provides financing for emerging countries to build infrastructure like ports, roads and bridges.
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