At the recent 47th summit, the G7 (Group of Seven) Countries proposed a Build Back Better World (B3W) initiative to counter China’s Belt and Road Initiative (BRI).
About B3W:
Goal: To address the Infrastructure Investment gap in developing and low-income countries, which China is increasingly capturing through 2,600 BRI projects.
This infrastructure plan is led by the United States.
The B3W initiative will provide a transparent infrastructure PARTNERSHIP to assist developing countries in meeting their $40 trillion infrastructure needs by 2035.
It requires hundreds of billions of dollars to be spent in cooperation with the private sector while complying with Climate standards and labor practices.
About Chinas BRI:
It was established in 2013.
It is a multibillion-dollar initiative that aims to connect Southeast Asia, Central Asia, the Gulf region, Africa, and Europe via land and sea routes.
It entails development and investment initiatives that would span Asia, Europe, and beyond.
Over 100 countries have signed bilateral agreements with China to collaborate on BRI projects such as railways, Ports, highways, and other infrastructure.