A $40 Trillion Global Infrastructure Plan: G7 Unveils 'Build Back Better World' (B3W) To Challenge China's 'Belt And Road Initiative'(BRI)

by Swarajya Staff - Jun 13, 2021 10:56 AM +05:30 IST
A $40 Trillion Global Infrastructure Plan: G7 Unveils 'Build Back Better World' (B3W) To Challenge China's 'Belt And Road Initiative'(BRI)G7
Snapshot
  • The G7 has unveiled a global infrastructure plan called “Build Back Better World (B3W) to counter Beijing's multi-trillion-dollar Belt And Road Initiative(BRI).

    B3W initiative, will provide a transparent infrastructure partnership to help narrow the $40 trillion needed by developing nations by 2035, the White House said.

The G7 has unveiled a global infrastructure plan called “Build Back Better World (B3W) to counter Beijing's multi-trillion-dollar Belt And Road Initiative(BRI).

“Build Back Better World" (B3W), will be a values-driven, high-standard, and transparent infrastructure partnership led by major democracies and intended to facilitate the building of infrastructure in poorer nations, a US government statement said.

“The adoption of the US-inspired “Build Back Better World” (B3W) project came after President Joe Biden and leaders met to address “strategic competition with China and commit to concrete actions to help meet the tremendous infrastructure need in low- and middle-income countries”, a statement by the White House read.

B3W initiative, will provide a transparent infrastructure partnership to help narrow the $40 trillion needed by developing nations by 2035, the White House said.

“B3W will collectively catalyze hundreds of billions of dollars of infrastructure investment for low- and middle-income countries in the coming years,” said the White House.

It further said, the G-7 is more transparent with respect to its funding as opposed to China. The B3W project plans to put more emphasis on the environment and climate, labor safeguards, transparency, and anti-corruption.

In a veiled criticism of China's approach to financing BRI projects, the White House said B3W investments would be led by “a responsible and market-driven private sector, paired with high standards and transparency in public funding”.

“This is not just about confronting or taking on China,” a senior official in Biden’s administration said. “But until now we haven’t offered a positive alternative that reflects our values, our standards and our way of doing business.” the statement added.

The 47th G7 summit is currently being held in Cornwall in the UK. Participants include the leaders of Canada, France, Germany, Italy, Japan, the UK, and the US and representatives from the European Union.

The new infrastructure plan is recognition of the growing challenge mounted by Beijing's Belt and Road Initiative, a mammoth infrastructure project, with the most ambitious being the China-Pakistan Economic Corridor (CPEC), linking China’s Xinjiang province with the Arabian Sea.

More than 100 countries have signed agreements with China to cooperate in BRI projects like railways, ports, highways and other infrastructure. Given that many BRI projects have led to debt restructurings, it has faced strong domestic opposition in various countries. Chinese has faced accusations of operating as predatory lender.

Get Swarajya in your inbox everyday. Subscribe here.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Comments ↓
Get Swarajya in your inbox everyday. Subscribe here.
Advertisement

Latest Articles

    Artboard 4Created with Sketch.