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Economy

G-7's infrastructure investment plan vies to rival Belt and Road

Experts say initiative needs to harness private finance and ensure high standards

Japan's Prime Minister Yoshihide Suga, Italy's Prime Minister Mario Draghi, Canada's Prime Minister Justin Trudeau, U.S. President Joe Biden, German Chancellor Angela Merkel, France's President Emmanuel Macron, Britain's Prime Minister Boris Johnson and Britain's Queen Elizabeth attend a drinks reception on the sidelines of the G7 summit at the Eden Project in Cornwall, Britain, on June 11.   © Reuters

LONDON -- At last weekend's G-7 summit in Cornwall, England, leaders agreed on a new infrastructure investment partnership with a focus on "clean and green growth" in developing countries -- a plan that the group of rich democracies hopes to frame as an alternative to China's Belt and Road initiative.

The leaders' communique said the G-7 countries will "step change" their approach to infrastructure financing. Experts say the partnership's success lies in mobilizing private finance and ensuring high standards, but criticized the announcement for its lack of detail.

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