Leaders of the Group of Seven nations have agreed on a new global infrastructure plan to counter China's Belt and Road initiative.
The G7 heads discussed the global economy, foreign policy, and measures to end the coronavirus pandemic on Saturday, the second day of their summit in Britain.
The White House announced that the leaders agreed to launch a new initiative to meet infrastructure needs in low- and middle-income countries.
It said the G7 and other like-minded partners will help infrastructure development in Latin America, Africa, the Indo-Pacific, and other regions in a transparent, sustainable and environment-friendly manner.
They plan to mobilize hundreds of billions of dollars through governmental institutions in the United States and other countries, together with the private sector.
US President Joe Biden's administration has advocated the initiative. It is apparently designed to counter China by creating a framework to have key countries that share the common value of democracy assist developing countries.
The G7 heads were also joined in person for the discussion on the coronavirus pandemic by the leaders of South Korea, South Africa and Australia. The prime minister of India showed up online as well.
They agreed to adopt the Carbis Bay Declaration, which sets out a series of commitments, including the development of vaccines and treatments within 100 days of the identification of a future pandemic threat.
G7 leaders call for readiness for next pandemic
Leaders of the Group of Seven countries are attending the second day of their annual summit in Britain. A declaration to be issued at the end of Saturday is expected to include a range of proposals to prevent another pandemic.
The G7 heads are being joined in person by the leaders of South Korea, South Africa, and Australia and online by India for the discussion on the coronavirus pandemic.
The leaders will call for an ambitious 100-day target for developing new vaccines and treatments.
They are also expected to call for strengthening the World Health Organization and to collectively pledge one billion vaccine doses to the rest of the world.
Earlier on Saturday, the G7 leaders discussed China's growing prominence in the world.
The White House announced that the leaders agreed on a new infrastructure initiative named "Build Back Better World" for low- and middle-income countries.
It says the plan will help narrow the 40 trillion dollars' worth of infrastructure needs for the countries which have been hit by the coronavirus pandemic.
It adds the initiative will be carried out "in a transparent and sustainable manner".
A US official says the initiative is in response to Beijing's Belt and Road investment scheme, which Washington has criticized as a debt trap for countries saddled with massive loans from China.
This plan is expected to be included in the final G7 leaders' communique.