G7 leaders are seeking spending plan to rival China
The plan would support lower- and middle-income countries in building better infrastructure.
This was contained in a statement at the G7 summit in the English county of Cornwall.
The leaders said they would offer a “values-driven, high-standard and transparent” partnership.
To this end, President Joe Biden said he wanted the US-backed Build Back Better World (B3W) plan to be a higher-quality alternative to a similar Chinese programme.
China’s Belt and Road Initiative (BRI) has helped finance trains, roads, and ports in many countries but it has been criticised for saddling some countries with debt.