G7 countries plan to create Western alternative to China's Silk Road initiative
Seven leading Western industrialized countries (G7) want to agree on a global infrastructure partnership at a summit in London next week. The goal of the partnership is to promote major construction projects in emerging market and developing countries and thus create a Western alternative to China's Silk Road Initiative.
“There is a huge need for infrastructure in low- and middle-income countries, which has been exacerbated by the Covid-19 pandemic,” reads a London summit document read by Handelsblatt.
A total of $ 1.5 trillion to $ 2.7 trillion in additional money is required annually to enable emerging market and developing countries to achieve the United Nations Sustainable Development Goals. The G7 includes the US, Canada, Germany, France, UK, Italy and Japan.
Asia, Africa and Latin America lack rail routes and ports to reliably communicate with the global market, and investment in green technology and internet connectivity is lacking.