MercoPress. South Atlantic News Agency

G7 announces Build Back Better World to counter China's Belt and Road initiative

President Biden and other G7 leaders hope their plan, Build Back Better World (B3W) initiative, will help narrow the US$40 trillion needed by developing nations

The world's seven most advanced economies signalled on Sunday during the G7 summit a desire to build a rival to China's multi-trillion-dollar Belt and Road initiative. German Chancellor said she hoped that a new G7 task force can present first infrastructure projects in developing countries in 2022

US President Joe Biden and other G7 leaders hope their plan, known as the Build Back Better World (B3W) initiative, will help narrow the US$40 trillion needed by developing nations by 2035, the White House said.

It was not immediately clear how exactly the plan would work or how much capital it would ultimately allocate. G7 had recognized that they had to deliver support for the development of poorer countries, Merkel said at a news conference.

“For countries in need of development, only concrete projects count,” she said. “I hope that we will be able to present such projects already during the next G7 summit, which will be in Germany.”

Germany will take over the G7 presidency from Britain next year.

On the issue of exiting the use of carbon dioxide-polluting coal, Merkel said that finding a concrete, joint date for ending its usage had not been possible.

It also pledged support of US$ 100 billion annually for developing countries to support them in their fight against climate change, for which Germany raised its contribution promises.