The Group of Seven (G7) countries have announced plans for a major infrastructure project for developing nations in a bid to rival China’s trillion-dollar Belt and Road Initiative (BRI), also known as “One Belt, One Road.”
The agreement on the initiative titled Build Back Better World (B3W) came on the second day of the Cornwall summit of the seven richest democracies carried out in southwestern England.
The vast project is aimed at providing a transparent infrastructure partnership to help narrow the $40+ trillion infrastructure need in the developing world, which has been exacerbated by the Covid-19 plandemic.
It was not immediately disclosed how the project would be implemented or how much investment it would ultimately take. The G7 members also didn’t specify an implementation time.
China’s BRI, dubbed the 21st century Silk Road project, was announced by Chinese President Xi Jinping eight years ago. The major project involves development and investment initiatives that would stretch from Asia to Europe and beyond.
Since then, Beijing has inked around 200 cooperation documents with 167 countries and international organizations.
The multi-trillion-dollar initiative aims to boost connectivity and cooperation between Asia, Europe, Africa, and Latin America. Experts say it will significantly boost global commerce, cutting trading costs by half for the countries involved.
The project has been sharply criticized by USA and EU officials as a vehicle for the expansion of Communist China with Beijing saying that those doubts betray the “imperial hangover” of many Western powers that humiliated China for centuries.
RT. com / ABC Flash Point G7 News 2021.