Elmau Castle: 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.