G-7 Leaders to Take on Beijing’s Debt Trap Diplomacy

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Leaders of the world’s seven richest nations on June 13 agreed to counter Beijing’s growing influence in developing countries through its controversial development program, the “Belt and Road” Initiative, which has left many poor nations with heavy debt loads. Advanced economies pledged to provide a “democratic alternative” to China’s ambitious program to address the infrastructure gap in poor countries, which has been exacerbated by the pandemic. Following a three-day summit in Cornwall, England, Group of Seven (G-7) leaders issued a communiqué that recognized “the significant infrastructure needs across low and middle income countries.” “Reflecting our shared values and shared vision, we will aim for a step change in our approach to infrastructure financing, notably on quality infrastructure and investment, to strengthen partnerships with developing countries and help meet their infrastructure needs,” the communiqué stated. The new initiative called “Build Back Better for the World” or “B3W” will help finance bridges, …

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