Hong Kong Free Press (HKFP) reported on June 28th, The Group of Seven (G7) of wealthy democratic countries announced on Sunday a “Global Infrastructure and Investment Partnership (GIIP)” program, which aims to compete with the Chinese Communist Party (CCP)’s “Belt and Road initiative” by raising $600 billion for global infrastructure projects in developing countries.
The plan, proposed by the United States, Canada, Germany, Italy, Japan and the G-7 allies of the European Union, would give more options to developing countries so that the recipient countries would be able to avoid debt traps and other strong-arm tactics allegedly used by the CCP. Instead of “aid or charity,” the plan would invest in various projects such as roads and ports, which are currently dominated by the CCP.
This is the first attempt to relaunch the “Western Infrastructure Fund” proposed by President Biden at last year’s G-7 summit in the United Kingdom.
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