G7 relaunches funding programme for developing countries under new name

Global Investment and Infrastructure Partnership, aimed at rivalling China, comes a year after Build Back Better World plan

The G7 has been forced to relaunch its vehicle to provide infrastructure funds to poor and developing countries only a year after a largely similar scheme was unveiled at the G7 conference in Cornwall last July under the label Build Back Better World.

The fund was relaunched at the start of the G7 in Germany on Sunday as the Global Investment and Infrastructure Partnership and with the same goal of providing an alternative to the Chinese belt and road initiative that Beijing has used for more than a decade to build economic ties with developing countries.