US President Joe Biden announced Sunday a G7 project to rival China’s formidable Belt and Road Initiative by raising some $600 billion for global infrastructure programmes in poor countries. “Together with G7 partners, we aim to mobilise $600 billion by 2027 in global infrastructure investments,” the White House said shortly ahead of a speech by Biden unveiling the proposal. Unlike China’s huge BRI initiative, the proposed G7 funding would come largely from private investors and is therefore not guaranteed. The plan, which relaunches a first attempt unveiled during last year’s G7, will target …