G7 countries announced 600 billion dollars infrastructure initiative to help developing countries tackle climate change. It is an initiative taken as the West's response to China's massive Belt and Road Initiative (BRI).
Beijing has been blamed for trapping low-income countries into debts to be part of its trillion-dollar BRI push, which helps it to expand China's trade power with Africa, Asia and Europe.
The US has promised to raise 200 billiom dollars of the total through grants, federal funds and private investment, while the EU has announced a further over 310 billion dollars.
Angola will receive the largest fund from the first disbursement. It will get two billion dollars for solar farm investment. Another African nation, Ivory Coast secured $320 million for hospital construction and $40 million is approved to promote regional energy trade in Southeast Asia.
Other African countries are also set to benefit from the initiative. "I want to be clear. This isn't aid or charity," US President Joe Biden said of the scheme. "It's an investment that will deliver returns for everyone.