G-7 To Raise $600 Billion To Rival China's Belt, Road Project

The Group of Seven countries plans to raise $600 billion for an infrastructure program to rival China's Belt and Road Initiative.

The White House said on Sunday that the United States aims to raise $200 billion in private and public funds over 5 years to fund needed infrastructure in developing countries under a Group of Seven (G-7) initiative aimed at countering China's multitrillion-dollar Belt and Road project.

U.S. President Joe Biden will unveil the project, joined by leaders from Britain, Germany, Japan, the European Union and Canada, vowing to focus on projects that help tackle climate change as well as improve global health, gender equity and digital infrastructure. 

Biden constructed the plan as an alternative to China's massive Belt and Road infrastructure investment project, a trillion-dollar plan to build infrastructure across Africa, Asia and Europe, which is considered a security issue by many Western leaders.

United States Secretary of State Antony Blinken also recently highlighted China as the most serious long-term challenge to the international order.

This is as White House official, John Kirby had said that policy toward China would top US agenda for the G-7 summit.