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G-7's infrastructure plan offers an alternative to China's Belt and Road Initiative in a 'deliberate way' - CNBC
Jun 28, 2022 1 min, 17 secs
One expert says the G-7's plan offers hope to developing countries but it remains to be seen whether it can match the BRI.

and the other members of the G-7 including Canada, Germany and Japan formally launched the Partnership for Global Infrastructure and Investment which aims to raise about $600 billion for global infrastructure projects in low- and middle-income countries in the next five years.

Choi acknowledged that it might not be entirely fair to compare the two projects especially since the BRI has had a 10-year headway and there were scant details in the G-7's partnership proposal.

The G-7's infrastructure project "is better than the initial approach for the BRI, which was done in a rather decentralized, I'd say piecemeal, approach," Choi said. .

The BRI "didn't have the rigor in ensuring all the projects are economically sound and environmentally friendly," he said, adding that the G-7's plan appears to be more climate friendly and designed to ensure receiving countries benefit from the investments.

With major economies now stepping up their infrastructure support for developing countries, places like India, Brazil and Indonesia are likely to herald more economic growth, Riedel Research Group founder David Riedel told CNBC's "Squawk Box" on Monday. 

Brazil has a large population and big economy and could do with more infrastructure to boost growth while Indonesia, being an energy exporter, would grow if more money was being invested in its energy project, he said

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