G7 summit: Spending plan to rival China adopted

Sunday, 13 June 2021Newsdesk

G7 leaders seeking to rival China have adopted a plan to support lower- and middle-income countries in building better infrastructure.

New Delhi, 13 June 2021

As per news report of BBC, President Joe Biden said he wanted the US-backed Build Back Better World (B3W) plan to be a higher-quality alternative to a similar Chinese programme.China's Belt and Road Initiative (BRI) has helped finance trains, roads, and ports in many countries.But it has been criticised for saddling some with debt.In a statement at their summit in the English county of Cornwall, the G7 leaders said they would offer a "values-driven, high-standard and transparent" partnership.However, details of how the G7 plan will be financed remain unclear. German Chancellor Angela Merkel said the group was not yet at a stage to release financing for its initiative.

Source -BBC