G7 summit: Leaders detail $600bn plan to rival China's Belt and Road initiative

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In a move seen as a counter to China's Belt and Road plan, the G7 leaders plan to raise $600 billion for the developing world.

The scheme was unveiled at the G7 talks in England.

The president said the plan would deliver returns for everyone.

Nations with too much debt are being hit by China's multi-trillion dollar infrastructure initiative.

I would like to be clear. This isn't aid or charity according to Mr Biden. The investment will deliver returns for everyone.

The US president said that the scheme would let countries see the benefits of partnering with democracies.

The plan calls on G7 leaders to raise $600 billion over five years to fund infrastructure projects in middle and low income countries.

The US will raise $200 billion through grants, federal funds and private investment, while the EU will raise 300 billion dollars.

Climate change, improving global health, achieving gender equity and building digital infrastructure are some of the issues that will be addressed by the initiative.

The highlighted initiatives include a solar-powered project in Luanda, a vaccine manufacturing facility in Senegal, and a submarine telecommunications cable connecting Singapore to France via Egypt and the Horn of Africa.

The plan was pitched as a way to counter the BRI. The BRI is a financing program for emerging countries to build infrastructure.

Ursula von der Leyen said the aim of the latest project was to show partners in the developing world that they have a choice.

At the G7 summit in Britain, the infrastructure plan was revealed. At the time, the US-driven plan was called the "Build Back Better World", but it was renamed to the "Pg II" before being resuscitated at the upcoming summit.