G7-proposed global economic and infrastructure development initiative
Build Back Better World
Abbreviation
B3W
Formation
2021; 3 years ago (2021)
Founder
G7
Purpose
Promote economic development and inter-regional connectivity
Location
Worldwide
Build Back Better World (B3W) was an initiative undertaken by the G7. Launched on June 12, 2021, it would provide an alternative to China's Belt and Road Initiative (BRI) for infrastructure development of low- and middle-income countries.[1] Ultimately, B3W investment was not been detailed beyond the program's general principles. After difficulties in implementing the Biden Administration's domestic Build Back Better Plan agenda, the B3W was re-branded as the Partnership for Global Infrastructure and Investment.
The initiative sought to address the $40 trillion worth of infrastructure needed by developing countries by 2035. It aimed to catalyze funding for quality infrastructure from the private sector and will encourage private-sector investments that support "climate, health and health security, digital technology, and gender equity and equality".[2] The initiative was intended to build on the Blue Dot Network, a collaboration that aims to build a global network through lending-based financing to build roads, bridges, airports, ports, power plants.
^"G7 rivals China with grand infrastructure plan". Reuters. 2021-06-12. Retrieved 14 June 2021.
^"G7 adopts infrastructure plan to rival China's belt and road strategy". South China Morning Post. 2021-06-12. Retrieved 14 June 2021.
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