The Group of Seven (G7) countries have announced plans for a major infrastructure project for developing nations in a bid to rival China’s trillion-dollar Belt and Road Initiative (BRI), also known as “One Belt, One Road.”

The agreement on the initiative titled Build Back Better World (B3W) came on the second day of the Cornwall summit of the seven richest democracies carried out in southwestern England.

The vast project is aimed at providing a transparent infrastructure partnership to “help narrow the $40+ trillion infrastructure need in the developing world, which has been exacerbated by the COVID-19 pandemic,” according to a senior official in the US presidential administration. (RT)