It is not clear how much money the plan, which has been named Build Back Better World (B3W), covers - nor how it will work.
But the purpose can not be missed.
A spokesman for US President Joe Biden told Reuters that B3W must meet a gigantic investment need globally, but that it is also about challenging China, which in recent years has increased its influence globally, not least in the third world.
The new silk road
Within the framework of the so-called Belt and Road project, or The New Silk Road, China has entered into agreements with over 100 countries on infrastructure investments such as railway construction and ports.
The purpose of the announcement from the G7 countries seems to be to offer an alternative to the Silk Road diplomacy.
The White House spokesman describes how the United States and other Western countries have not yet been able to demonstrate the benefits of "our values, our standards and the way we do business."
For the US, China in particular seems to be an important topic of conversation during this weekend's G7 meeting in the UK.
Joe Biden is said to want to put further pressure on the country when it comes to the use of forced labor, not least in Xinjiang, where the Uighur minority is placed in so-called retraining camps.
But the host of Britain and its status as a new entrant from the European Union are also receiving attention.
"EU countries completely united"
EU Commission President Ursula von der Leyen seems to be putting pressure on Prime Minister Boris Johnson to resolve the issue of Northern Ireland and avoid tensions on the border with Ireland.
"We want the best possible relationship with the UK.
Both sides must implement what we have agreed on.
The EU countries completely agree on that, "she writes on Twitter.
The meeting in Cornwall runs through Sunday.
In addition to government representatives from the world's seven largest economies (not China), the EU also participates through, among others, the President of the Commission.