Build Back Better World (B3W) Initiative:
US officials are set to visit Latin America to look for possible projects for the Build Back Better World (B3W) Initiative. B3W is an international infrastructure investment initiative announced by the Group of Seven (G-7) richest democracies in June 2021.
- The B3W initiative is being seen as the US’ initiative to counter China’s Belt and Road Initiative (BRI).
B3W & its Guiding Principles:
- The Build Back Better Plan is a Covid-19 relief, future economic, and infrastructure package proposed by G-7 countries for developing and lower-income countries.
- Components of B3W: Through B3W, the G7 and other like-minded partners will coordinate in mobilizing private-sector capital in four areas of focus:
- Health and health security,
- Digital technology,
- Gender equity and equality.
- Values-Driven Development: Infrastructure development carried out in a transparent and sustainable manner – financially, environmentally, and socially – will lead to a better outcome for recipient countries and communities.
- Good Governance and Strong Standards: B3W to infuse investment by complying with the standards promoted by the Blue Dot Network, relating to the environment and climate, labor and social safeguards, transparency, financing, construction, anti-corruption, and other areas.
- Climate-Friendly: The investments will be made in a manner consistent with achieving the goals of the Paris Climate Agreement.
- Strong Strategic Partnerships: B3W will envisage countering the aggressive model of development and establish a more inclusive model of global development.
- The BRI project was launched in 2013, it broadly aims to facilitate cross-border transportation of goods, access to energy, creating demand for existing excess capacity in Chinese industries.
- China had an overall exposure of investment of around $750 billion between 2013 to mid-2020.