Enlarge image
US President Joe Biden (r.) With UK Prime Minister Boris Johnson
Photo: WPA Pool / Getty Images
As expected, the G7 countries have launched a global initiative for infrastructure projects to counterbalance China's growing influence in the world.
The rich industrial nations are planning investments of billions in poorer countries.
The project is intended to offer an alternative to the Chinese multi-billion dollar project of the "New Silk Road", as US government officials reported on the sidelines of the G7 summit in Carbis Bay, England.
It is estimated that there is a US $ 40 trillion gap in infrastructure needed in parts of the world, which the pandemic has exacerbated, it was highlighted.
The initiative, which the US side called “Build Back Better World” (B3W), should be in the final communiqué, which will be adopted at the end of the three-day summit on Sunday.
However, no clear financial commitments have yet been made.
As one US official said, the US, together with G7 partners, the private sector and other stakeholders, will soon collectively mobilize hundreds of billions for infrastructure investments in low- and middle-income countries.
The US side announced that it should be implemented »in a transparent and sustainable manner - financially, environmentally friendly and socially.
"It's not about countries having to choose between us and China," the official said. Rather, it should offer a positive, alternative vision that countries could choose. It is in stark contrast to the way some other countries deal with infrastructure efforts. He accused Beijing of a lack of transparency, poor environmental and labor standards and an approach that left many countries in worse shape in the end.
China's “Silk Road” initiative is controversial.
Beijing's influence has grown through loans and projects in some countries over the past few years.
With investments in roads, railways, ports and other infrastructure projects, China is building new trade routes to Europe, Africa, Latin America and Asia.
China is also investing in countries that would otherwise find it difficult to get international aid.
Critics warn poor countries of a debt trap, political dependency and a lack of environmental protection.
Often only Chinese companies are involved.
joe / dpa / AFP
