Leaders of the world’s largest economies Group of seven have agreed to launch a new global infrastructure plan Build Back Better World to help developing nations.

The White House said the project would mobilise private sector capital in a “transparent infrastructure partnership” to meet the shortfall in the developing world that had been exacerbated by the COVID-19 pandemic.

UK Prime Minister Boris Johnson is hosting the three-day gathering of the U.S., Britain, Canada, France, Germany, Japan and Italy at the seaside resort of Carbis Bay.