Clockwise from left, Fumio Kishida (covered), Prime Minister of Japan, Ursula von der Leyen, President of the European Commission, Charles Michel, President of the European Council, Mario Draghi, Prime Minister of Italy, Justin Trudeau, Prime Minister of Canada, Emmanuel Macron, Prime Minister of France, German Chancellor Olaf Scholz, US President Joe Biden and Boris Johnson, Prime Minister of the United Kingdom sit at the first working session in Castle Elmau in Kruen, near Garmisch-Partenkirchen, Germany, on Sunday, June 26, 2022. AP
The G-7 program responds to China's so-called Belt and Road Initiative, which Western officials have long argued traps receiving countries in debt and with investments that benefit China more than their hosts.
The White House says the initiative seeks to leverage $200 billion in US investment over the next five years, along with a similar amount from G-7 allies, to boost infrastructure development in lower- and middle-income nations.
It adds that most of the funding will come from the private sector, sovereign wealth and global development funds, rather that direct taxpayer dollars.
The US says the G-7 backed effort promotes responsible investments that aim to benefit the communities they are made in.
Among the first initiatives are a $2 billion solar farm investment in Angola in Southwest Africa, $320 million for hospital construction in Ivory Coast, in West Africa, and $40 million to promote regional energy trade in Southeast Asia.
In a jab at China, European Commission President Ursula von der Leyen said the G-7 is offering ``sustainable, quality infrastructure'' and will be ``listening closely to the recipient countries.''