G7 to propose $600bn plan to compete with China

The Group of Seven (G7), an intergovernmental organization made up of the world's largest developed economies, planned to raise $600 billion to build infrastructure in developing countries to compete with China's Belt and Road Initiative.

The US and EU will offer US$200 billion and €300 billion, respectively, as part of a plan to help developing countries tackle climate change, improve global health and gender equality, and build digital infrastructure.

In addition, some important proposals also include a solar energy project in Angola, a vaccine manufacturing plant in Senegal, and a 1,609 km submarine telecommunications cable connecting Singapore to France via Egypt and the Horn of Africa.

European Commission President Ursula von der Leyen said the project's ultimate goal was to give the world a positive, powerful investment boost to show our partners in the developing world that they have a choice.