Group of Seven leaders have pledged to raise six hundred  billion US dollars by 2027 to finance needed infrastructure in developing countries and counter China's multitrillion-dollar Belt and Road project.

The Partnership for Global Infrastructure and Investment, unveiled with fanfare by US President Joe Biden and G7 allies from Canada, Germany, Italy, Japan and the European Union at their annual gathering being held at Schloss Elmau in southern Germany.

The US President said the target for the United States was to bring 200 billion dollars to the table, with the rest of the G7 another 400 billion  dollars by 2027.