In News: G7 aiming for $600 bn global infrastructure programme
- The G7 group announced an attempt to compete with China’s formidable Belt and Road Initiative by raising $600 billion for global infrastructure programmes in poor countries
- The Partnership for Global Infrastructure and Investment will deliver hundreds of billions of dollars and deliver quality, sustainable infrastructure that makes a difference in people’s lives around the world, strengthens and diversifies our supply chains
- The proposed G7 funding would depend largely on private companies being willing to commit to massive investments
Group of Seven (G7)
- It is an intergovernmental organisation that was formed in 1975.
- The bloc meets annually to discuss issues of common interest like global economic governance, international security and energy policy.
- The G7 countries are the UK, Canada, France, Germany, Italy, Japan and the US.
- All the G7 countries and India are a part of G20.
- The G7 does not have a formal constitution or a fixed headquarters. The decisions taken by leaders during annual summits are non-binding.
Source: Economic Times
Previous Year Questions
Q.1) In which one of the following groups are all the four countries members of G2O? (2020)
- Argentina, Mexico, South Africa and Turkey
- Australia, Canada, Malaysia and New Zealand
- Brazil, Iran, Saudi Arabia and Vietnam
- Indonesia, Japan, Singapore and South Korea