$600BN G7 plan to rival Belt & Road project, break China's debt-traps

The G7 pledged to raise $600bn in private & public funds over 5 years to finance infra in developing countries. The move will counter china's so-called belt & road initiative, many recipient countries stuck in a debt-trap. Biden and other g7 leaders relaunched the newly renamed 'partnership for global infrastructure and investment'. China's scheme involves programs in 100+ nations aimed at creating a version of the ancient Silk Road trade route.